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India's forex reserves swell to lifetime high of $476 billion

Foreign currency assets, a major component of the overall reserves, rose by $2.763 billion to $441.949 billion in the week to February 14

twitter-logo PTI        Last Updated: February 21, 2020  | 21:00 IST
India's forex reserves swell to lifetime high of $476 billion

The country's foreign exchange reserves swelled by $3.091 billion to a lifetime high of $476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to the RBI data.

In the previous week, the foreign exchange reserves had increased by $1.701 billion to $473 billion.

Foreign currency assets, a major component of the overall reserves, rose by $2.763 billion to $441.949 billion in the reporting week.

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

Gold reserves rose by $344 million to $29.123 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $6 million to $1.430 billion.

The country's reserve position with the IMF also declined by $9 million to $3.590 billion, the data showed.

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