Forex Reserves Hits Record High At $372.73 Billion

The foreign exchange reserves rose by $1.594 billion to touch a life-time high of $372.73 billion in the week to April 28, supported by increase in the foreign currency assets, the Reserve Bank of India said.

The reserves had gone up by $1.250 billion to $371.14 billion in the previous week.

Previously, they had touched a high of $371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, surged by $1.569 billion to $349.055 billion in the reporting week, the RBI said.

Expressed in U.S. dollar terms, FCAs include the effects of appreciation or depreciation of non-U.S. currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves remained unchanged at $19.869 billion, the central bank said.

The special drawing rights with the International Monetary Fund were up by $8.5 million to $1.460 billion.

The country's reserve position with the Fund, too, rose by $15.8 million to $2.347 billion, the RBI said.