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India’s forex reserves rise by $ 503.6 million to record $ 424.864 billion

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Maintaining an uptrend for the third consecutive week, India’s foreign exchange reserves rose by $ 503.6 million to a new high of $ 424.864 billion during the week ended April 6, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had increased by $ 1.828 billion to $ 424.361 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 657.7 million to $ 399.776 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves decreased by $ 130.7 million to $ 21.484 billion, while its special drawing rights (SDRs) fell by $ 10 million to $ 1.534 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 13.4 million to $ 2.070 billion, the bulletin added.
 
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