Forex Reserves Jump by $1.2 Billion to $401.94 Billion

Forex Reserves Jump by $1.2 Billion to $401.94 Billion
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Mumbai: India’s foreign exchange reserves increased by USD 1.2 billion to touch USD 401.942 billion in the week to December 1, according to the RBI data.

The surge in reserves was aided by an increase in foreign currency assets, a major component of the overall reserves.

The reserves once again crossed USD 400 billion mark in the previous week, after they rose by USD 1.208 billion to USD 400.741 billion.

The foreign currency reserves increased by USD 1.151 billion to USD 377.456 billion for the reporting week, the RBI said today.

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

After remaining stable for many months, gold reserves also rose by USD 36.5 million to USD 20.703 billion.

The special drawing rights with the International Monetary Fund rose by USD 4.9 million to USD 1.502 billion.

The country’s reserve position with the Fund also rose by USD 7.4 million to USD 2.280 billion, the Reserve Bank of India said.

PTI