India forex reserves reach record USD 487.23 bn

India forex reserves surge by USD 5.69 billion to reach record USD 487.23 bn

Foreign currency assets, a major component of the overall reserves, rose by USD 5.311 billion to USD 451.135 billion in the reporting week.

The country's foreign exchange surged by USD 5.69 billion to reach an all-time high of USD 487.23 billion in the week to March 6 following an increase in foreign currency assets, according to the RBI data.

In the previous week, the foreign exchange reserves had increased by USD 5.419 billion to USD 481.540 billion.

Foreign currency assets, a major component of the overall reserves, rose by USD 5.311 billion to USD 451.135 billion in the reporting week.

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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.

Gold reserves rose by USD 320 million to USD 31 billion.

The special drawing rights with the International Monetary Fund (IMF) were up by USD 15 million to USD 1.447 billion.

The country's reserve position with the IMF also increased by USD 50 million to USD 3.656 billion, the data showed.

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