Home Business Forex reserves soar $3.5 billion to new lifetime high of $446.09 billion

Forex reserves soar $3.5 billion to new lifetime high of $446.09 billion


MUMBAI: The country’s foreign exchange reserves rose by $3.515 billion to touch a fresh lifetime high of $446.098 billion in the week to November 1, helped by increase in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves had increased by $1.832 billion to $442.583 billion.

The increase in reserves in the reporting week was mainly on account of a jump in foreign currency assets (FCA), a major component of the overall reserves.

FCA increased by $3.201 billion to $413.654 billion in the week ended November 1, the RBI said.

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

During the week, gold reserves increased by $301 million to $27.353 billion.

The special drawing rights with the International Monetary Fund increased by $2 million to $1.443 billion during the week.

The country’s reserve position with the Fund also increased by $10 million to $3.648 billion, the data showed.

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