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Forex reserve hits record high of USD 426.42 bn

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Forex reserve hits record high of USD 426.42 bn
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Mumbai: India's foreign exchange reserve touched a life-time high of USD 426.42 billion after it surged by USD 4.215 billion in the week to June 21, RBI data showed.

Forex reserves had scaled a record high of USD 426.028 billion in the week to April 13, 2018.

In the previous reporting week, the reserves had declined by USD 1.358 billion to USD 422.2 billion.

The rise in reserves was on account of increase in foreign currency asset, which is a major component of the overall foreign exchange reserves.

In the reporting week, foreign currency assets increased by USD 4.202 billion to USD 398.649 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Gold reserves remained unchanged at USD 22.958 billion, according to RBI data.

Special drawing rights with the International Monetary Fund (IMF) increased by USD 4.2 million to USD 1.453 billion.

The country's reserve position with the fund also rose by USD 9.6 million to USD 3.354 billion.

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