Business & Economy

India's forex reserves rise by $ 1.52 billion to new high of $ 363.121 billion

NetIndian News Network

Mumbai, May 6, 2016

Continuing the uptrend of the past several weeks, India's foreign exchange reserves rose by $ 1.52 billion to a new all-time high of $ 363.121 billion in the week ended April 29, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had gone up by $ 1.35 billion to $ 361.601 billion in the previous week.
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had increased by $ 1.487 billion to $ 339.024 billion in the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves remained unchanged at $ 20.115 billion, while its special drawing rights (SDR) went up by $ 12.4 million to $ 1.51 billion.
India's reserve position in the Indian Monetary Fund (IMF) increased by $ 20.5 million to $ 2.471 billion, the bulletin added.