Forex reserves jump to $401.293 bn on the back of rise in currency assets

The country's foreign exchange reserves rose by $ 445.4 million to $ 401.293 billion in the week to August 24 on the back of increase in currency assets, RBI said on Friday.

In the previous week, the overall reserves had witnessed a drop of $ 33.2 million to $ 400.84 billion.

The reserves had been declining in the past few weeks as the Reserve Bank of India (RBI) is selling the US dollar to contain depreciation in the rupee, which breached the 71 mark against the greenback today, its lowest ever.

In the week to August 24, foreign currency assets, a major component of the overall reserves, swelled by $ 386.6 million to $ 376.591 billion, as per the RBI data released on Friday.

 

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

Gold reserves rose by $ 35.7 million to $ 20.763 billion for the reporting week, the apex bank said.

The special drawing rights with International Monetary Fund (IMF) increased by $ 8.6 million to $ 1.471 billion, while the country's reserve position with the IMF was also up by $ 14.5 million to $ 2.467 billion, the central bank said.


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