Forex Reserves Hit Record High of $333 Billion

Mumbai: India's foreign exchange reserves have hit a fresh high, rising by $2.956 billion to $333.169 billion in the week to February 13, helped by a healthy increase in foreign currency assets.

The reserves had increased by $2.329 billion to $330.213 billion in the previous week.

The latest accretion to the reserves can help India cover its import bill for almost 10 months now, according to analysts.

Foreign currency assets (FCAs), a major constituent of overall reserves, increased by $2.299 billion to $307.257 billion in the reporting week, the latest data from the Reserve Bank of India showed.

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

Gold reserves remained unchanged at $20.183 billion, reflecting a tepid movement in prices of the yellow metal.

Special drawing rights decreased by $5.1 million to $4.089 billion, while the country's reserve position with the International Monetary Fund increased by $661.9 million to $1.639 billion during the week, the data showed.