India’s forex reserve hits a new high of $429.9 billion

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Updated: Jul 12, 2019 10:38 PM

The forex kitty continued to surge for the fourth successive week to scale a new lifetime high of USD 429.911 billion, after a heavy increase in the value of gold and currency assets during the week to July 5, the Reserve Bank said Friday.

The reserves have jumped by USD 2.23 billion, while in the past reporting week the same had increased by USD 1.262 billion to reach a new high of USD 427.67 billion.

The forex kitty continued to surge for the fourth successive week to scale a new lifetime high of USD 429.911 billion, after a heavy increase in the value of gold and currency assets during the week to July 5, the Reserve Bank said Friday.

The reserves have jumped by USD 2.23 billion, while in the past reporting week the same had increased by USD 1.262 billion to reach a new high of USD 427.67 billion.

During the reporting week, foreign currency assets, which are major component of the overall reserves, increased by USD 906.8 million to USD 400.809 billion, the RBI said.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

The value of the gold reserves swelled by USD 1.345 billion, taking the total to USD 24.304 billion, according to the RBI data.

The special drawing rights with the International Monetary Fund came down by USD 4.7 million to USD 1.451 billion.

The country’s reserve position with the Fund also dipped by USD 15.3 million to USD 3.346 billion.

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