Forex

Forex reserves hit record high at $457.46 bn

PTI Mumbai | Updated on January 03, 2020 Published on January 03, 2020

The country’s foreign exchange reserves swelled by $ 2.520 billion to touch a record high of $ 457.468 billion in the week to December 27, according to RBI data.

In the previous week, the reserves rose to $454.948 billion after increasing by $ 456 million.

In the reporting week, the increase in reserves was mainly on account of a gain in foreign currency assets, major component of the overall reserves, which surged by $ 2.203 billion to $ 424.936 billion, the data released by the Reserve Bank on Friday showed.

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

During the week, gold reserves increased by $ 260 million to $ 27.392 billion. The special drawing rights with the International Monetary Fund dipped by $ 2 million to $ 1.441 billion. The country’s reserve position with the Fund, however, increased by $ 58 million to $ 3.7 billion, the data showed.

Published on January 03, 2020
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