Foreign reserves at new lifetime high of $409.4 billion

Posted by Daily Shipping Times on 08-01-2018        Tweet

MUMBAI: Scaling new peaks for the second consecutive week, the Country's foreign exchange reserves surged by a whopping $4.444 billion to touch a new life- time high of $409.366 billion in the week to December 29, Reserve Bank data showed. In the previous week, foreign exchange reserves had spurted by $3.53 billion to reach $404.921 billion.

The Central Bank said the surge was due to a massive spike in foreign currency assets, which is a key component of the reserves. The reserves had crossed the $400-billion mark for the first time in the week to September 8 last year but has since been fluctuating. Gold reserves remained unchanged at $20.716 billion, the Central Bank said. The special drawing rights with the International Monetary Fund (IMF) rose by $8.9 million to $1.511 billion.

The Country's reserve position with the IMF also increased by $12.1 million to $2.035 billion, the Central Bank said.