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India's Forex Reserve Hits All-Time High

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India's foreign exchange reserve touched an all-time high of $426.42 billion after an increase of $4.215 billion in the week ended 21 June, RBI data showed. In the week before, there was a $1.358 billion decline to $422.2 billion.

 

Earlier in the week to 13 April 2018, forex reserves had scaled a record high of $426.028 billion.

India's Forex Reserve Hits All-Time High

The rise in reserves was on account of increase in foreign currency asset, which is a major component of the overall foreign exchange reserves.

In the reporting week, foreign currency assets increased by $4.202 billion to $398.649 billion.

Foreign currency assets, that are expressed in dollar terms include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Meanwhile, RBI data showed that gold reserves remained unchanged at $22.958 billion.

Special drawing rights with the International Monetary Fund (IMF) increased by $4.2 million to $1.453 billion. India's reserve position with the fund also rose by $9.6 million to $3.354 billion.

Inputs from PTI

Story first published: Saturday, June 29, 2019, 11:28 [IST]
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