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BW Businessworld

Foreign Exchange Reserves Cross $341 Billion

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The foreign exchange reserves continued their upward momentum and scaled a new life time high at $341.378 billion, rising by $1.386 billion for the week ended March 27, the Reserve Bank data showed on Friday.
 
The continuing rally is being aided by increase in foreign currency assets, the apex bank said.
 
In the previous reporting week, the forex reserves had increased by $4.261 billion to $339.99 billion.
 
Foreign currency assets (FCAs), a major part of the overall reserves, increased by $1.351 billion to $316.238 billion for the week ended March 27, showed the central bank data.
 
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 $19.837 billion for the reporting week, a trend it has been maintaining for almost a year now.
 
The special drawing rights with the International Monetary Fund, rose by $26.2 million to $4.004 billion, while the country's reserve position with the Fund also increased by $8.5 million to $1.298 billion, the apex bank said.
 
(PTI)