Forex reserves soar $2.3 bn to touch all-time high of $453 bn driven by increase in foreign currency assets

Mumbai: The country’s foreign exchange reserves surged by $2.342 billion to touch a life-time high of $453.422 billion in the week to 6 December, according to the RBI data.

#FX Data | Total reserves in week-ended Dec 6 up $2.3 bn at $453.4 bn. Foreign currency assets in the same week up $1.9 bn at $421.3 bn pic.twitter.com/GZAUzwPmvB

— CNBC-TV18 (@CNBCTV18Live) December 13, 2019

In the previous week, the reserves had increased by $2.484 billion to $451.08 billion, the weekly data released by the Reserve Bank of India (RBI) on Friday showed. [caption id=“attachment_4292949” align=“alignleft” width=“380”] Representational image. News 18.[/caption] In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by $1.891 billion to $421.258 billion, according to the data. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in forex reserves. During the reporting week, gold reserves increased by $430 million to $27.078 billion. The special drawing rights with the International Monetary Fund (IMF) was by $5 million to $1.441 billion during the week. The country’s reserve position with the IMF also increased by $15 million to $3.644 billion, the data showed.