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  1. Forex reserves hit lifetime high of $424.36 billion

Forex reserves hit lifetime high of $424.36 billion

India’s foreign exchange reserves hit a lifetime high of $424.361 billion on March 30, data from the Reserve Bank of India (RBI) show.

By: | Mumbai | Published: April 7, 2018 12:30 AM
Forex, Forex reserves, foreign exchange, Reserve Bank of India, Special drawing rights  India’s foreign exchange reserves hit a lifetime high of 4.361 billion on March 30, data from the Reserve Bank of India (RBI) show.

India’s foreign exchange reserves hit a lifetime high of $424.361 billion on March 30, data from the Reserve Bank of India (RBI) show. The reserves rose by $1.828 billion last week compared to the week before. Foreign currency assets, which form a key component of reserves, rose by $1.823 billion from the previous week to $399.118 billion. FCAs are maintained in major currencies like US dollar, euro, pound sterling and Japanese yen. Movement in the FCA occurs mainly on account of purchase and sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets. Gold reserves remained stable at $21.614 billion. Special drawing rights (SDR) from the International Monetary Fund (IMF) rose by $2.1 million from the previous week to $1.544 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion to their quota at the IMF. The reserve position in the IMF rose by $2.8 million to $2.083 billion.

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