India’s forex reserves soar to record $473 billion, gold down by $218 million

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NEW DELHI: India’s foreign exchange reserves rose by $1.701 billion to a lifetime high of $473 billion in the week to February 7 on account of increase in foreign currency assets, according to RBI data. In the previous week, the foreign exchange reserves had swollen by $4.607 billion to $471.3 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.938 billion to $439.186 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. In the reporting week, gold reserves declined by $218 million to $28.779 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $2 million to $1.436billion. The country’s reserve position with the IMF was down by $16 million to $3.599 billion, the data showed.

Source: Press Trust of India