Forex Reserves Rise By $1.2 Billion To $400.5 Billion: RBI Data
According to RBI data, India's foreign exchange reserves rose by $1.207 billion to $400.489 billion in the week to September 14 on account of increase in foreign currency assets
Photo Credit :
India's foreign exchange reserves rose by $1.207 billion to $400.489 billion in the week to September 14 on account of increase in foreign currency assets, according to RBI data. In the previous week, forex reserves had declined by $819.5 million to $399.282 billion.
In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $1.055 billion to $376.154 billion, as per RBI data. Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in the reserves.
Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018, but have been declining since then. According to forex analysts, the dip in reserves is on account of RBI's intervention in forex reserves to stem fall in the rupee.
Gold reserves rose by $144 million to $20.378 billion in the reporting week. The special drawing rights with the International Monetary Fund (IMF) rose by $2.8 million to $1.478 billion. The country's reserve position with the IMF also increased by $4.9 million to $2.478 billion, the apex bank said.