Forex reserves rise to yet another record of $344.6 billion

The country's foreign exchange reserves surged by $1.4 billion to touch a new life-time high of $344.6 billion in the week to April 24, as foreign currency assets (FCAs) rose, RBI said. In the previous reporting week, the forex reserves had increased by $2.788 billion to $343.2 billion. FCAs, a major part of the overall reserves, increased by $1.4 billion to $320.26 billion during the week, the RBI data showed. Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves. The country's gold reserves remained stable at $19.03 billion in the reporting week. The special drawing rights with the IMF was marginally up by $0.2 million to $4 billion, while the country's reserve position with the IMF remained stable at $1.29 billion, the data showed.