India's forex reserves rise for 3rd week in a row, now at $407 billion: RBI
In the week to 22 March, India's foreign currency assets increased by $1.031 billion to $378.805 billion, says RBIGold reserves were unchanged at $23.408 billion, while reserves with the IMF fell fell $1.5 billion to $2.993 billion
PremiumMumbai: India's foreign exchange (forex) reserves continued to surge for a third week, adding $1.029 billion to $406.667 billion in the week to 22 March, according to data from the Reserve Bank of India (RBI). Forex reserves had increased by $3.6 billion to $405.6 billion in the previous reporting week driven by an increase in foreign currency assets.
For the reporting week, foreign currency assets—a major component of the overall reserves—increased by $1.031 billion to $378.805 billion, RBI said Friday.
Expressed in dollars, foreign currency assets include effect of appreciation/depreciation of non-dollar units—like the euro, pound and the yen—held in the forex reserves.
The reserves had touched a lifetime high of $426.028 billion in the week to 13 April 2018. Since then, the reserve has been sliding as the rupee came under pressure.
But since March this year it has been increasing on the back of rising foreign investors' play in domestic equities.
Gold reserves were unchanged at $23.408 billion in the reporting week, according to data from the central bank. The special drawing rights with the International Monetary Fund (IMF) dipped by $0.7 million to $1.460 billion.
The country's reserve position with IMF too fell $1.5 billion to $2.993 billion, RBI said.
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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
