Forex reserves surge by $5.69 billion to reach record $487.23 bn in week ended 6 March

Mumbai: The country’s foreign exchange surged by $5.69 billion to reach an all-time high of $487.23 billion in the week to 6 March following an increase in foreign currency assets, according to the RBI data. In the previous week, the foreign exchange reserves had increased by $5.419 billion to $481.540 billion.

#ForexReserves | Total reserves for Week-ended March 6 up $5.6 bn & foreign currency assets up $5.3 bn pic.twitter.com/wz8ePsC1YX

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Foreign currency assets, a major component of the overall reserves, rose by $5.311 billion to $451.135 billion in the reporting week. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves rose by $320 million to $31 billion. The special drawing rights with the International Monetary Fund (IMF) were up by $15 million to $1.447 billion. The country’s reserve position with the IMF also increased by $50 million to $3.656 billion, the data showed.