Forex Reserves Hit New High at Over $338 Billion

Mumbai: Foreign exchange reserves rallied to a new life-time high at $338.079 billion, an increase of $3.886 billion in the week to February 27, on account of higher foreign currency assets.

In the previous week, the reserves had risen by $1.023 billion to $334.193 billion, the Reserve Bank data showed.

The foreign currency assets, a major constituent of overall reserves, increased by $3.902 billion to $312.200 billion.

The foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in the reserves.

The country's gold reserves continued to remain unchanged at $20.183 billion for the reporting week.

However, the special drawing rights decreased by $11.4 million to $4.065 billion, and the nation's reserve position with the International Monetary Fund also dipped by $4.6 million to $1.630 billion during the reporting week, the data showed.