Forex kitty rises by $3.57 bn, closes in on $400 bn-mark

Posted by Daily Shipping Times on 11-09-2017        Tweet

MUMBAI: The forex reserves surged by a massive $3.572 billion to touch a record high of $398.122 billion for the week ended September 1, on account of rise in foreign currency assets,

RBI data showed. In the previous week, the reserves had increased by $1.148 billion to $394.55 billion.

Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves. After remaining unchanged for many weeks, gold reserves also rose by $748.3 million to $20.691 billion.

The special drawing rights with the International Monetary Fund (IMF) increased by $6.5 million to $1.506 billion, the Apex Bank said. The country’s reserve position with the IMF also increased by $9.8 million to $2.283 billion, it said.