Forex reserves surge $3 billion to $417.89 billion

Posted by Daily Shipping Times on 05-02-2018        Tweet

MUMBAI: The Country's foreign exchange reserves rose sharply by USD 3 billion to touch a new life- time high of USD 417.789 billion in the week to January 26, aided by a rise in foreign currency assets, the Reserve Bank said.

In the previous week, the reserves had increased by USD 959.1 million to USD 414.784 billion.

The reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017 but has since been fluctuating. But for the past four weeks, it has been on a continuous rally.

Gold reserves remained unchanged at USD 20.421 billion, the central bank said.

The Country's special drawing rights with the International Monetary Fund rose by USD 12.7 million to USD 1.544 billion, while the Country's reserve position with the Fund jumped by USD 17 million to USD 2.079 billion during the reporting week, the Central Bank said.