Forex kitty swells to new high of $411 billion

MUMBAI: Continuing rising trends, country’s foreign exchange reserves surged by $1.8 billion to mount a new record high of $411.1 billion in the week to January 5, the Reserve Bank of India (RBI) said on Friday.
In the previous week, foreign exchange reserves had jumped by $4.4 billion to reach a fresh peak of $409.4 billion.
The reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017 but had since been fluctuating. The spike in reserves was due to a rise in foreign currency assets, a major component of the overall reserves. In the reporting week, foreign currency assets rose by $2 billion to $387.1 billion. Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.
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