Forex Kitty at Record $405 Billion

India’s foreign exchange reserves surged by $3.53 billion to touch a new lifetime high of $404.921 billion in the week to December 22, aided by an increase in foreign currency assets, Reserve Bank data showed.

In the previous week, foreign exchange reserves had risen by $488.2 million to $401.385 billion.

The reserves had crossed the $400-billion mark for the first time in the first week of September this year but have been fluctuating since then. Prior to this, it had touched a lifetime high of $402.509 billion on the back of a $1.782 billion surge in the week ending September 15, 2017.

In the current reporting week, the foreign currency reserves, a major component of the overall reserves, rose by $3.773 billion to $380.680 billion.

Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

After remaining unchanged from past many weeks, gold reserves rose by $12.6 million to $20.716 billion.

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