India’s Forex Reserves Hit New All-Time High

India's foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week ending 7 February 2020, on account of increase in foreign currency assets, as per data released by the Reserve Bank of India (RBI) on Friday.

In the week before that, forex reserves had increased by $4.607 billion to $471.3 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.938 billion to $439.186 billion.

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

Gold reserves as on 7 February declined by $218 million to $28.779 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $2 million to $1.436 billion.

The country's reserve position with the IMF was down by $16 million to $3.599 billion, the data showed.