Forex reserve hits record high of $426.42 bn, surges by $4.2 bn in week to 21 June: RBI data

Mumbai: India’s foreign exchange reserve touched a life-time high of $426.42 billion after it surged by $4.215 billion in the week to 21 June, RBI data showed. Forex reserves had scaled a record high of $426.028 billion in the week to 13 April, 2018. In the previous reporting week, the reserves had declined by $1.358 billion to $422.2 billion. [caption id=“attachment_4292949” align=“alignleft” width=“380”] Representational image. News 18.[/caption] The rise in reserves was on account of an increase in foreign currency asset, which is a major component of the overall foreign exchange reserves. In the reporting week, foreign currency assets increased by $4.202 billion to $398.649 billion. 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. Gold reserves remained unchanged at $22.958 billion, according to RBI data. Special drawing rights with the International Monetary Fund (IMF) increased by $4.2 million to $1.453 billion. The country’s reserve position with the fund also rose by $9.6 million to $3.354 billion.