Mumbai: India's foreign exchange reserves surged by a whopping $3.602 billion to $405.638 billion in the week to 15 March, driven by rise in foreign currency assets, the Reserve Bank said on Friday.
Forex reserves had increased by $258.8 million to $402.035 billion in the previous week.
In the reporting week, foreign currency assets -- a major component of the overall reserves -- increased by a healthy $3.546 billion to $377.773 billion as foreign
funds pumped in billions of dollars into domestic equities in a pre-election buying spree.
Expressed in the greenbacks, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.
The reserves had touched a lifetime high of $426.028 billion in the week to 13 April, 2018. Since then, it has been on a slide and is now down by over $20 billion.
Gold reserves rose by $38.9 million to $23.408 billion in the reporting week, according to data from the central bank.
The special drawing rights with the International Monetary Fund rose by $5.9 million to $1.461 billion.
The country's reserve position with the Fund, too, increased by $12.1 million to $2.995 billion, the apex bank said.
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Updated Date: Mar 22, 2019 19:54:57 IST