Forex reserves hit new high at over $338 bn

Foreign exchange reserves rallied to a new life-time high at $338.079 billion, an increase of $3.886 billion in the week to February 27, on account of higher foreign currency assets.

In the previous week, the reserves had risen by $1.023 billion to $334.193 billion, the Reserve Bank data showed. The foreign currency assets, a major constituents of overall reserves, increased by $3.902 billion to $312.200 billion.

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