Forex kitty at new peak, ends a tad below $410 bn

Source: The Hitavada      Date: 06 Jan 2018 09:23:46









Jan 5,


SCALING new peaks for the second consecutive week, the country’s foreign exchange reserves surged by a whopping USD 4.444 billion to touch a new life- time high of USD 409.366 billion in the week to December 29, Reserve Bank data showed on Friday.In the previous week, foreign exchange reserves had spurted by USD 3.53 billion to reach USD 404.921 billion.The central bank said the surge was due to a massive spike in foreign currency assets, which is a key component of the reserves.

The reserves had crossed the USD 400-billion mark for the first time in the week to September 8 last year but has since been fluctuating. In the reporting week, the foreign currency assets rose by USD 4.423 billion to USD 385.103 billion. Expressed in the 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.

Gold reserves remained unchan-ged at USD 20.716 billion, the central bank said. The special drawing rights with IMF rose by USD 8.9 million to USD 1.511 billion. Reserve position with the IMF also increased by USD 12.1 million to USD 2.035 billion.