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India's forex kitty continues to swell, crosses $406.7 bn

Source: PTI
March 30, 2019 00:04 IST

The reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018.

Illustration: Dominic Xavier/Rediff.com

India's foreign exchange reserves continued to surge for the third week in a row, adding $ 1.029 billion at $ 406.667 billion in the week to March 22, according to the Reserve Bank data.

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, the RBI said on Friday.

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 $426.028 billion in the week to April 13, 2018.

Since then, the reserve kitty 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 dipped by $0.7 million to $1.460 billion.

The country's reserve position with the Fund, too, came down marginally by $1.5 million to $2.993 billion, the apex bank said.

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