(Photo: Reuters)
(Photo: Reuters)

Forex reserve hits record high of $426.42 billion

  • The rise in reserves was on account of increase in foreign currency asset
  • In the previous reporting week, the reserves had declined by $1.358 billion to $422.2 billion

Mumbai: India's foreign exchange reserve touched a life-time high of $426.42 billion after it surged by $4.215 billion in the week to June 21, RBI data showed.

Forex reserves had scaled a record high of $426.028 billion in the week to April 13, 2018.

In the previous reporting week, the reserves had declined by $1.358 billion to $422.2 billion.

The rise in reserves was on account of increase in foreign currency asset, which is a major component of the overall foreign exchange reserves.

In the reporting week, foreign currency assets increased by $4.202 billion to $398.649 billion.

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

Gold reserves remained unchanged at $22.958 billion, according to RBI data.

Special drawing rights with the International Monetary Fund (IMF) increased by $4.2 million to $1.453 billion.

The country's reserve position with the fund also rose by $9.6 million to $3.354 billion.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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