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.

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.