India’s forex reserves rise to life-time high of $424 billion

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MUMBAI: India’s foreign exchange reserves hit a life-time high of $424.361 billion after rising by $1.828 billion in the week to March 30, helped by rise in foreign currency assets, the Reserve Bank said on Friday.
In the previous week, the reserves had increased by $1.197 billion to $422.532 billion.
Previously, the reserves had touched a record high of $421.914 billion on February 9. It had crossed the $400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.
In the reporting week, the foreign currency assets, a major component of the overall reserves, rose by $1.823 billion to $399.118 billion.
Expressed in the US dollar terms, the 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.
Gold reserves remained unchanged at $21.614 billion, the bank said.
The special drawing rights with the International Monetary Fund rose by $2.1 million to $1.544 billion.
India’s reserve position with the IMF also increased by $2.8 million to $2.083 billion, the apex bank said.