India’s Forex Reserves Surge By $4.1 Billion To A New High Of $421 Billion

India's foreign exchange reserves swelled by $4.12 billion to a new high of $421.914 billion on a healthy increase in the core currency assets and an uptick in the gold stock, the Reserve Bank said on Friday.

The total reserves had risen by $3 billion to $417.89 billion in the previous reporting week. The reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017, but have been fluctuating since then. However, there has been a continuous surge since the start of this year for the fifth straight week.

In reporting week to February 2, foreign currency assets, a major component of the overall reserves, rose by $3.025 billion to $396.769 billion, the RBI said.

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

The value of gold reserves rose $1.092 billion to $21.514 billion during the week, the central bank said.