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India’s foreign reserve hits record high at $367.76 bn

Mumbai :The country’s forex reserves increased by USD 989.5 million to an all-time high of USD 367.76 billion on the back of a healthy increase in core currency assets, the Reserve Bank said on Friday.

The total reserves had declined marginally by USD 392.6 million to USD 366.77 billion in the previous reporting week. The reserves had touched an all-time high of USD 367.16 billion previously.

Foreign currency assets (FCAs), a major component of the overall reserves, swelled by USD 952.2 million to USD 342.23 billion for the week ended September 2, RBI said on Friday.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves. Gold reserves rose USD 58.1 million to USD 21.64 billion at the end of the reporting week, it said.

The country’s special drawing rights with IMF fell USD 8 million to USD 1.48 billion while the reserve position in IMF was down by USD 12.8 million to USD 2.39 billion, RBI said.