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Jan 12, 2018 07:37 PM IST | Source: PTI

Forex reserves scale new high of USD 411.124 billion

Continuing rising trends, country's foreign exchange reserves surged by USD 1.758 billion to mount a new record high of USD 411.124 billion in the week to January 5, the Reserve Bank said on Friday.

Continuing rising trends, country's foreign exchange reserves surged by USD 1.758 billion to mount a new record high of USD 411.124 billion in the week to January 5, the Reserve Bank said on Friday.

In the previous week, foreign exchange reserves had jumped by USD 4.444 billion to reach a fresh peak of USD 409.366 billion.

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

The spike in reserves was due to a rise in foreign currency assets, a major component of the overall reserves.

In the reporting week, foreign currency assets rose by USD 2.045 billion to USD 387.149 billion. Expressed in the 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.

After remaining steady for the past few weeks, gold reserves declined marginally by USD 294.4 million to USD 20.421 billion, the central bank said.

The special drawing rights with the International Monetary Fund rose by USD 3.2 million to USD 1.514 billion.

The country's reserve position with the Fund also rose by USD 4.2 million to USD 2.039 billion, the RBI said.
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