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India’s Forex Reserves Soar To Life-Time High Of $430.57 Billion
Representative image. (Twitter image)
Boosted by a surge of $ 1.62 billion, India's foreign exchange reserves have hit a new life-time high of $430.57 billion for the week ending on 9 August, reports Economic Times.
While foreign currency assets, the major component of overall forex reserves, saw a spike of $15.2 million to rise to $398.74 billion, India's gold reserves swelled by $1.59 billion to $26.75 billion, as per the RBI data. Special drawing rights, currency of the International Monetary Fund (IMF), were up by $6.7 million to $1.441 billion.
India’s forex reserves earlier stood at $428.95 billion at the end of the previous week on 2 August, recording a decline by $697.2 million.
The forex reserves are usually expressed in US dollar terms. These include the cumulative effect of appreciation/depreciation of non-US monetary units like Euro, Pound, Yen et al. held in the reserves.
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