Mahatma Gandhi depicted on a Rs 100 note. (Photographer: Scott Eells/Bloomberg News)

India’s Forex Reserves At Record High Of $424.864 Billion

India’s foreign exchange reserves rose by $503.6 million to touch a life-time high of $424.864 billion in the week to April 6, aided by increase in foreign currency assets, the Reserve Bank said.

In the previous week, the reserves had surged by $1.828 billion to $424.366 billion. It had crossed the $400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.

In the reporting week, the foreign currency assets, a major component of the overall reserves, rose by $657.7 million to $399.776 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.

After remaining stable for past few weeks, gold reserves decreased by $130.7 million to $21.484 billion in the reporting week, the central bank said.

The special drawing rights with the International Monetary Fund declined by $10 million to $1.534 billion.

The country’s reserve position with the IMF also decreased by $13.4 million to $2.070 billion, the banking regulator said.