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India’s forex reserves touch record high of $372 billion

India’s foreign exchange reserves scaled a new high of US $371.99 billion, up US $1.223 billion for the week to September 30, as per the Reserve Bank data. The central bank said the increase was primarily on account of a US $1.468-billion surge in the foreign currency assets. In the previous week, the reserves had risen by US $1.166 billion to US $370.766 billion. Previously, they had touched a high of US $371.279 billion in the week to September 9. Foreign currency assets which are a major component of the overall reserves surged by US $1.468 billion to US $346.71 billion, the Reserve Bank said. Foreign currency assets, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.
After remaining steady for multiple weeks, gold reserves declined US $236.4 million to US $21.406 billion, the apex bank said. The special drawing rights with the International Monetary Fund decreased by US $3.3 million to US $1.487 billion, while the reserve position with the fund dipped by US $5 million to US $2.385 billion, the apex bank said.

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