The country’s forex reserves rose by a whopping $4.036 billion to a life-time high of $379.310 billion in the week ended May 19, helped by a surge in the foreign currency assets, the Reserve Bank said. Last week, the reserves had declined by $443.6 million to $375.27 billion. Foreign currency assets (FCAs), a major component of the overall reserves, increased by $3.996 billion to $355.097 billion in the reporting week, RBI said.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. Gold reserves remained stable at $20.438 billion.
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The special drawing rights with the International Monetary Fund increased by $15 million to $1.469 billion. The country’s reserve position with the IMF, too, rose by $25.2 million to $2.305 billion, the RBI said.