Mumbai: India's foreign exchange (forex) reserves increased by $2.599 billion in the week to 1 March to reclaim the $400 billion-mark, data released by the Reserve Bank of India showed. The forex reserves stood at $401.776 billion in the reported week. In the previous week, the reserves had risen by $944.7 million to $399.217 billion.
In the week to 1 March, foreign currency assets, a major component of the overall reserves, swelled $2.061 billion to USD 374.060 billion. Expressed in US dollars, foreign currency assets include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and yen held in the nation's reserves.
India's forex reserves had touched a lifetime high of $426.028 billion in the week to 13 April 2018. Since then, the reserves have been on a slide and is now down by over $25 billion.
After remaining unchanged for the past few weeks, gold reserves rose by $488.7 million to $23.253 billion in the reporting week, according to the data.
The special drawing rights with the International Monetary Fund (IMF) also rose by $3 million to $1.463 billion.
The country's reserve position with IMF too increased by $6.2 million to $2.999 billion, the banking regulatorsaid.