Forex Reserves Scale Fresh High

The country's foreign exchange reserves have reached a record high driven by a surge in foreign currency assets, strengthening the outlook for Asia's third biggest economy which expanded by a strong 7.1 per cent in the first quarter of the ongoing fiscal that ends on March 31, 2017.

Forex Reserves Scale Fresh High
Foreign exchange reserves rose by USD 989.5 million to USD 367.76 billion in the week to September 2, 2016, the Reserve Bank of India (RBI) said.

In the week ended August 26, 2016, India's foreign exchange reserves fell by USD 392.6 million to USD 366.77 billion from the prior week.

Foreign currency assets, which are expressed in dollar terms and include the effect of appreciation or depreciation of non US currencies such as euro, pound and yen held in reserves climbed by USD 952.2 million to USD 342.23 billion in the week ended September 2, 2016 from the previous week, the RBI added. Foreign currency assets are the biggest component of the overall forex reserves.

Gold reserves surged by USD 58.1 million to USD 21.64 billion in the week ended September 2.

Record high forex reserves kitty puts the Indian economy on a strong footing in the wake of continued global headwinds including a China slowdown, Brexit impact and potentially higher US interest rates.

Read more about: forex
Story first published: Monday, September 12, 2016, 8:30 [IST]
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