• Wednesday, May 29, 2024

Business

India’s Forex reserves hit record at $476 billion

Representative image (iStock)

By: Pramod Thomas

India’s foreign exchange reserves inched up by $29 million to a fresh lifetime high of $476.122 billion in the week to February 21.

Increase in the value of gold holdings has fuelled the hike, India’s central bank data showed on Friday (28).

The forex kitty had zoomed by $3 billion to $476.092 billion in the previous reporting week, Reserve Bank said.

Foreign currency assets, a major component of the overall reserves, fell by $490 million to $441.458 billion in the reporting week, ending a multi-week surge.

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.

The value of the gold reserves rose for the second consecutive week, climbing $539 million to $29.662 billion, the apex bank said.

The special drawing rights with the International Monetary Fund (IMF) dipped by $4 million to $1.426 billion.

The country’s reserve position with the Fund also declined by $15 million to $3.575 billion, the data showed.

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