This Article is From May 01, 2015

India's Forex Reserves Touch Record High at $344.6 Billion

India's Forex Reserves Touch Record High at $344.6 Billion
Mumbai: The country's foreign exchange reserves surged by $1.4 billion to touch a new life-time high of $344.6 billion in the week to April 24, as foreign currency assets (FCAs) rose, the Reserve Bank said.

In the previous reporting week, the forex reserves had increased by $2.788 billion to $343.2 billion.

FCAs, a major part of the overall reserves, increased by $1.4 billion to $320.26 billion during the week, the RBI data showed.

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

The country's gold reserves remained stable at $19.03 billion in the reporting week.

The special drawing rights with the International Monetary Fund was marginally up by $0.2 million to $4 billion, while the country's reserve position with the IMF remained stable at $1.29 billion, the data showed.