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Indian forex reserves continue to swell, adds another $1.1 billion

PTI     April 19, 2019

India's foreign exchange reserves continued its northward push, increasing by USD 1.105 billion to touch USD 414.886 billion in the week to April 12, the Reserve Bank data showed Friday.

In the previous week, reserves had increased by USD 1.876 billion to USD 413.781 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by USD 646.4 million to USD 386.762 billion.

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

The forex kitty had touched a life-time high of USD 426.028 billion in the week to April 13, 2018.

Gold reserves also increased by USD 77.4 million to USD 23.303 billion, according to the data.

The special drawing rights with the International Monetary Fund was up by USD 3.3 million to USD 1.458 billion. The country's reserve position with the Fund also increased by USD 378.1 million to USD 3.362 billion, the apex bank said.

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