Forex reserves hit record $404.92 billion

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

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

The reserves had crossed the USD 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 USD 402.509 billion on the back of a USD 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 USD 3.773 billion to USD 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 USD 12.6 million to USD 20.716 billion.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 1.8 million to USD 1.5 billion, the RBI said.

The country’s reserve position with the IMF, however, declined by USD 252.2 million to USD 2.023 billion, the central bank said.

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