Forex Reserves Soar $2.3 Billion To Touch All-Time High Of $453 Billion
The country's foreign exchange reserves surged by $2.342 billion to touch a life-time high of $453.42 billion in the week to Dec. 6, according to the Reserve Bank of India data.
In the previous week, the reserves had increased by $2.48 billion to $451.08 billion, the weekly data released by the RBI on Friday showed.
In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by $1.891 billion to $421.258 billion, according to the data.
Expressed in 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 forex reserves. During the reporting week, gold reserves increased by $430 million to $27.08 billion.
The special drawing rights with the International Monetary Fund was up by $5 million to $1.441 billion during the week. The country’s reserve position with the International Monetary Fund also increased by $15 million to $3.64 billion, the data showed.