India’s Foreign Exchange Reserves Rise By $3.09 Billion To Reach All-Time High Of $476 Billion

India's foreign exchange reserves continued to rise during the week ended 14 February to touch a new record high.

The Reserve Bank of India's reserves rose by $3.091 billion during the week under review, official data showed on Friday (21 January).

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $476.092 billion from $473.94 billion reported for the week ended 7 February, reports Economic Times.

In the previous week, the foreign exchange reserves had increased by $1.701 billion to $473 billion.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.763 billion to $441.949 billion.

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

Similarly, the RBI's weekly data showed that the value of the country's gold reserves rose by $344 million to $29.123 billion.

However, the SDR value inched lower by $6 million to $1.430 billion. The country's reserve position with the IMF also declined by $9 million to $3.590 billion.