This Article is From Jul 12, 2014

India's Forex Reserves Hit $316.4 Billion, Inch Closer to Life High


India's forex reserves rose by $614.6 million to touch $316.393 billion in the week ended July 4, on account of a rise in currency assets.

In the previous week, the reserves had risen by $856.6 million to $315.778 billion.

With this, the reserves are close to the record high reported in late 2011 at $321 billion.

Foreign currency assets (FCAs), a major constituent of the overall reserves, rose by $760.6 million to $289.573 billion in the reporting week, the Reserve Bank of India (RBI) said in its weekly statement on Friday.

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

Gold reserves dropped by 155.5 million to $20.634 billion in the reporting week.

Special drawing rights were up $6.9 million at $4.466 billion.

India's reserve position with the International Monetary Fund (IMF) also rose by $2.6 million to $1.718 billion in the period under review, the apex bank said.