India’s Forex Reserve hits lifetime high of $437.83 billion

India's Forex Reserve hits lifetime high of $437.83 billion
India’s Forex Reserve hits lifetime high of $437.83 billion

 

The country’s foreign exchange reserves surged by $4.24 billion to touch a record high of $437.83 billion in the week to October 4, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had surged by a massive $5.02 billion to $433.59 billion.

The increase in reserves in the reporting week was on account of a rise in foreign currency assets (FCA), a major component of the overall reserves.

FCA increased by $3.99 billion to $405.61 billion in the week ended October 4, the RBI said.

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

During the week, gold reserves increased $232 million to $27.17 billion.

The special drawing rights with the International Monetary Fund was up by $1 million to $1.43 billion during the week.

The country’s reserve position with the IMF also increased by $9 million to $3.61 billion, the data showed.

Source: Economic Times

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