Forex reserves up by $1.36 bn to $420.05 bn – Moneycontrol

Forex reserves up by $1.36 bn to $420.05 bn – Moneycontrol

The country’s foreign exchange reserves rose by $1.368 billion to reach $420.055 billion in the week to May 10 on account of a rise in foreign currency assets, RBI data showed May 17. In the previous week, the reserves had increased by $171.9 million to $418.687 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, swelled by $1.358 billion to $392.227 billion.

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

Gold reserves remained unchanged at $23.021 billion, according to the data.

The special drawing rights with the International Monetary Fund rose by $3 million to $1.454 billion.

The country’s reserve position with the Fund also increased by $7 million to $3.351 billion, the according to the RBI data.

The forex kitty had touched a life-time high of $426.028 billion in the week to April 13, 2018.

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