Forex reserves at new record high of $413.825 bn

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

The foreign exchange reserves rose by USD 2.7 billion to scale a new life-time high of USD 413.825 billion in the week to January 12, due to increase in

foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had touched USD 411.124 billion after it rose by USD 1.758 billion. The reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017 but has since

been fluctuating.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 2.685 billion to USD 389.834 billion.

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.

Gold reserves remained unchanged at USD 20.421 billion, the central bank said. The special drawing rights with the International Monetary Fund rose by USD 6.2 million to USD 1.520 billion. The country's reserve position with the Fund also increased by USD 9.3 million to USD 2.048 billion, RBI said.