Citing to a slight rise in foreign currency assets, forex reserves soar USD 1 bn to USD 429.60 bn

Mumbai, September 14: Having influenced by a rise in the foreign currency assests, the Reserve Bank of India on Saturday revealed that the country's foreign exchange reserves had increased by USD 1.004 billion to USD 429.608 billion in the week to September 6.

 

 

"In the previous week, the reserves had fallen by USD 446 million to USD 428.604 billion. The reserves had touched a life-time high of USD 430.572 billion in August this year. In the week to September 6, foreign currency assets, a major component of overall reserves, and risen by USD 1.200 billion to USD 397.205 billion", the Reserve Bank said in a statement.

 

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

 

During the said week, gold reserves also declined by USD 199 million to USD 27.35 billion. "However, the special drawing rights with the International Monetary Fund remained unchanged at USD 1.434 billion", the statement added.