Forex reserves hit new record high of $ 353.8 billion

Source: Economic Times

Country’s foreign exchange reserves surged by $ 1.745 billion to touch a record high of $ 353.876 billion in the week to May 15, helped by the increase in foreign currency assets, according to RBI data.

In the previous week, forex reserves had risen by $ 262.4 million to $ 352.131 billion.

The foreign currency assets, a major component of the overall reserves, were up $ 1.708 billion to $ 329.124 billion for the reporting week, the RBI data showed today.

Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

The gold reserves remained stable at $ 19.335 billion. The special drawing rights with the International Monetary Fund were up by $ 27.8 million to $ 4.090 billion, while the country’s reserve position with the fund also rose by $ 9.1 million to $ 1.325 billion, the RBI data showed.

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