India’s forex reserves nearing lifetime high

16 June, 2019 12:00 AM printer

MUMBAI: Inching closer to its historic peak, India’s forex kitty increased by USD 1.686 billion to USD 423.554 billion for the week to June 7, RBI data showed Friday.

The foreign exchange reserves had increased by USD 1.875 billion to USD 421.867 billion in the previous reporting week.

The reserves had touched a lifetime high of USD 426.028 billion in April 2018, reports AFP.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.666 billion to USD 395.801 billion, the apex bank said.

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

Gold reserves were unchanged at USD 22.958 billion, according to the RBI data.

The special drawing rights with the International Monetary Fund rose USD 6.1 million to USD 1.449 billion.

The country’s reserve position with the fund also rose USD 14 million to USD 3.3345 billion.