India's forex reserves surge by $4.1 billion to a new high of $421 billion

South Africa | Projected inflation for 2019: 32.3 percent (Image: Reuters)

India's foreign exchange reserves swelled by USD 4.12 billion to a new high of USD 421.914 billion on a healthy increase in the core currency assets and uptick in the gold stock, the Reserve Bank of India (RBI) said on Friday.

The total reserves had risen by USD 3 billion to USD 417.89 billion in the previous reporting week.

The reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017 but have been fluctuating since then.

However, there has been a continuous surge since the start of this year for the fifth straight week.

In reporting week to February 2, foreign currency assets, a major component of the overall reserves, rose by USD 3.025 billion to USD 396.769 billion, the RBI said.

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

The value of gold reserves rose USD 1.092 billion to USD 21.514 billion during the week, the central bank said.

The country's special drawing rights with the International Monetary Fund rose by USD 3.2 million to USD 1.547 billion, while the country's reserve position with the Fund jumped by USD 4.3 million to USD 2.084 billion during the reporting week, the central bank said.