Money & Banking

Forex reserves nears lifetime high; up $1.7 bn to $423.5 bn

PTI Mumbai | Updated on June 14, 2019 Published on June 14, 2019

Foreign exchange reserve

Inching closer to its historic peak, India’s forex kitty increased by $1.68 billion to $423.55 billion for the week to June 7, RBI data showed on Friday.

The foreign exchange reserves had increased by $1.87 billion to $421.86 billion in the previous reporting week.

The reserves had touched a lifetime high of $426.02 billion in April 2018.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.66 billion to $395.80 billion, the apex bank said.

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 were unchanged at $22.95 billion, according to the RBI data.

The special drawing rights with the International Monetary Fund rose $6.1 million to $1.44 billion.

The country’s reserve position with the fund also rose $14 million to $3.33 billion.

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Published on June 14, 2019
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