India’s forex reserves at record high of $356 billion

The country’s foreign exchange reserves surged by $2.539 billion to touch an all-time high of $355.947 billion in the week ended March 18, on account of a rise in foreign currency assets (FCAs), the Reserve Bank has said.

The reserves had touched a high of $355.46 billion in the week ended June 19 last year.

In the previous week, the reserves had increased by $2.543 billion to $353.407 billion.
FCAs, a major component of overall reserves, increased by $2.505 billion to $332.504 billion in the reporting week, RBI said in a release.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

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Gold reserves marginally rose by $0.6 million to $19.325 billion in the week.

India’s special drawing rights with the International Monetary Fund (IMF) increased by $12.1 million to $1.498 billion while the country’s reserve position with the Fund was up by $21.1 million to $2.618 billion, RBI said.