India’s Forex Reserves Scale Record High Of $434.6 Billion As On Oct. 1
Indian rupee banknotes are counted in India. (Photographer: Dhiraj Singh/Bloomberg)

India’s Forex Reserves Scale Record High Of $434.6 Billion As On Oct. 1

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The foreign exchange reserves touched a record high of $434.6 billion as on Oct. 1.

While announcing fourth bi-monthly monetary policy, the Reserve Bank of India Governor Shaktikanta Das said as of Oct. 1 the forex kitty peaked to the record high. Between April and Oct. 1, the country's forex reserves had increased by $21.7 billion.

According to the latest weekly data, the reserves surged by massive $5.022 billion to $433.594 billion for the week to Sept. 27.

In the previous week, the reserves had declined by $388 million to $428.572 billion.

The increase in reserves in the reporting week on account of foreign currency assets, a major component of the overall reserves.

FCA increased by $4.944 billion to $401.615 billion in the week ended Sept. 27, the RBI said.

Expressed in U.S. dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, gold reserves increased by $102 million to $26.945 billion.

The special drawing rights with the International Monetary Fund dipped by $7 million to $1.428 billion during the week.

The country's reserve position with the Fund also declined by $17 million to $3.606 billion, the data showed.

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