Forex reserves up $2.06 bn to $400.24 billion

Foreign exchange earnings totaled USD 24 billion in January-October 2019, with a growth (year-on-year) of two percent.

The country's foreign exchange reserves increased by $2.063 billion to $400.24 billion in the week to February 1, on account of rise in foreign currency assets, according to RBI data.

In the previous week, the reserves had increased by $1.497 billion to $398.178 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.280 billion to $373.430 billion.

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

The reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion.

Gold reserves increased by $764.9 million to $22.686 billion in the reporting week, the data showed.

The special drawing rights with the International Monetary Fund (IMF) rose by $6.2 million to $1.470 billion.

The country's reserve position with the IMF also increased by $11.2 million to $2.654 billion, the apex bank said.