India’s forex reserves at new life-time high of $439.712 billion

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The forex kitty continued to climb north, swelling by USD 1.879 billion to a new life-time high of USD 439.712 billion, in the week to October 11, the Reserve Bank said on 18 October, 2019.

The forex reserves had increased by a higher USD 4.24 billion to a new high of USD 437.83 billion in the previous week. For the week under review, the foreign currency assets, which are the biggest part of the reserves, increased by USD 2.269 billion to USD 407.88 billion, the RBI said.

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

The special drawing rights with the International Monetary Fund rose USD 2 million to USD 1.431 billion during the week.The country’s reserve position with the Fund also increased by USD 7 million to USD 3.623 billion, the data showed.