India’s Forex Reserves Surge To An All-Time High Of $448 Billion

Continuing with the streak of hitting successive newer highs, India's forex reserves have touched an unprecedented all-time high of $448 billion, closing in on the coveted $450 billion mark, reports Economic Times.

As per the Reserve Bank of India (RBI), the forex reserves of the nation surged by $1.71 billion in the week to 8 November to reach the figure of $447.81 billion. This comes after the reserves surged by a massive $3.515 billion just a week before.

The unhindered surge of the forex reserves was achieved mainly on account of India's foreign currency assets, which in the week to 8 November had soared by $2.174 billion, reaching a total figure of $415.828 billion.

The forex currency assets, which make up a major chunk of the overall reserves consist of various currencies held in the reserves, such as euro, pound, yen and others, with their appreciation, depreciation and the net present value being accounted for in dollar terms.