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India’s foreign exchange reserves surged by a whopping USD 3.602 billion to USD 405.638 billion in the week to March 15, driven by rise in foreign currency assets, the Reserve Bank said on Friday.
Forex reserves had increased by USD 258.8 million to USD 402.035 billion in the previous week.
In the reporting week, foreign currency assets -- a major component of the overall reserves -- increased by a healthy USD 3.546 billion to USD 377.773 billion as foreign funds pumped in billions of dollars into domestic equities in a pre-election buying spree.
Expressed in the greenbacks, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.
The reserves had touched a life-time high of USD 426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by over USD 20 billion.
Gold reserves
Gold reserves rose by USD 38.9 million to USD 23.408 billion in the reporting week, according to data from the central bank.
The special drawing rights with the International Monetary Fund rose by USD 5.9 million to USD 1.461 billion.
The country’s reserve position with the Fund, too, increased by USD 12.1 million to USD 2.995 billion, the apex bank said.
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