Forex reserves rise by $73.2 mn to touch record high of $365.82 bn
Gold reserves remain unchanged at $21.58 billion
Mumbai: The country's forex exchange reserves surged by $73.2 million to touch a life-time high of $365.82 billion in the week to 12 August, helped by increase in foreign currency assets, the Reserve Bank said Friday.
In the previous week, the reserves had increased by $253.6 million to touch $365.75 billion. Foreign currency assets (FCAs), a major component of the overall reserves increased by $81.6 million to $340.36 billion.
FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.
Gold reserves remain unchanged at $21.58 billion. The country's special drawing rights with International Monetary Fund declined by $3.2 million to $1.49 billion, while the reserve position was down by $5.2 million to $2.39 billion, RBI said.
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RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to historic low.
Jagdishan, a chartered accountant by profession, is a science graduate and has a Master's degree in Economics of Money, Banking and Finance. He has over 29 years of experience in the banking industry