Forex reserves at all time high of USD 375.71 billion
DSIJ Intelligence / 16 May 2017
According to the RBI reports, India’s forex reserves hit a fresh all time high of USD 375.71 billion, continuing the hike in the previous weeks, driven by a hike in foreign currency assets.
According to the RBI reports, India’s forex reserves hit a fresh all time high of USD 375.71 billion, continuing the hike in the previous weeks, driven by a hike in foreign currency assets.
The reserves had risen by USD 2.985 billion in the beginning of the month and rose again by USD 1.594 billion to USD 372.73 billion in the previous week.
While, foreign currency assets (FCAs), a major constituent of the aggregate reserves, increased by USD 2.474 billion to USD 351.53 billion during the month, according to RBI data.
The gold reserves also increased by USD 569.9 million to USD 20.438 billion in the current week, after remaining static in the past few weeks.
The reserves, as expressed in dollar terms, are largely affected by the appreciation or depreciation of foreign currencies including euro, pound and the yen kept as reserves.
The apex bank also reported a decrease in the special drawing rights with the International Monetary Fund by USD 0.4 million to USD 1.459 billion.While the country’s reserve position with IMF also declined by USD 58.4 million to USD 2.288 billion according to RBI.
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