Indian rupee and U.S. dollar banknotes (Photographer: Dhiraj Singh/Bloomberg)

India Forex Reserves At New Record High Of $413.83 Billion

The country’s foreign exchange reserves rose by $2.7 billion to scale a new life-time high of $ 413.825 billion in the week to Jan. 12, due to increase in foreign currency assets, the Reserve Bank of India said today.

In the previous week, the reserves had touched $ 411.124 billion after it rose by $1.758 billion. The reserves had crossed the $ 400-billion mark for the first time in the week to Sept. 8, 2017 but has since been fluctuating.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $2.685 billion to $389.834 billion.

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

Gold reserves remained unchanged at $20.421 billion, the central bank said. The special drawing rights with the International Monetary Fund rose by $6.2 million to $1.520 billion.

The country's reserve position with the Fund also increased by $9.3 million to $2.048 billion, RBI said.