India’s foreign exchange reserves reached a lifetime high of $466.693 billion after a massive $4.535-billion spike in the week to January 24, according to the Reserve Bank of India data. In the previous week, reserves had increased by $943 million to $462.16 billion.
In the reporting week, the increase in reserves was mainly due to a rise in foreign currency assets, a major component of the overall reserves, which rose by $4.470 billion to $432.919 billion, the RBI data released on Friday showed.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in the foreign exchange reserves.
In the reporting week, gold reserves increased by $153 million to $28.715 billion.
The country’s reserve position with the International Monetary Fund declined by $85 million to $3.615 billion, the data showed.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.