Millennium Post

India's forex reserves rises by $29 mn to record $476.12 bn

Mumbai: India's foreign exchange reserves inched up by $29 million to a fresh lifetime high of $476.122 billion in the week to February 21, aided by an increase in the value of gold holdings, Reserve Bank data showed on Friday.

The forex kitty had zoomed by $3 billion to $476.092 billion in the previous reporting week.

Foreign currency assets, a major component of the overall reserves, fell by $490 million to $441.458 billion in the reporting week, ending a multi-week surge.

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.

The value of the gold reserves rose for the second consecutive week, climbing $539 million to $29.662 billion, the apex bank said.

The special drawing rights with the International Monetary Fund (IMF) dipped by $4 million to $1.426 billion.

The country's reserve position with the Fund also declined by $15 million to $3.575 billion, the data showed.

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