Forex reserves touch lifetime high on rise in foreign currency assets

PTI, Feb 22, 2020, 2:56 PM IST

Mumbai: The country’s foreign exchange reserves swelled by $ 3.091 billion to a lifetime high of $ 476.092 billion in the week to February 14, mainly due to a rise in foreign currency assets, according to the RBI data.

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

Foreign currency assets, a major component of the overall reserves, rose by $ 2.763 billion to $ 441.949 billion in the reporting week.

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 $ 344 million to $ 29.123 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $ 6 million to $ 1.430 billion.

The country’s reserve position with the IMF also declined by $ 9 million to $ 3.590 billion, the data showed.