Forex reserves scales to record $372 billion

The Dollar Business Bureau

India’s foreign exchange reserves scaled $1.223 billion to touch a new high of $371.99 billion for the week to September 30, according to Reserve Bank of India (RBI) data. 

The increase was primarily due to a $1.468-billion increase in the foreign currency assets. The reserves grew $1.166 billion to $370.766 billion in the previous week. The foreign reserves had touched $371.279 billion in the week to September 9. 

Foreign currency assets, a major component of the overall reserves, surged $1.468 billion to $346.71 billion, RBI said in a statement. 

After remaining steady for various weeks, gold reserves fell $236.4 million to $21.406 billion, the premier banking authority said. 

Meanwhile, the special drawing rights with the International Monetary Fund (IMF) also decreased $3.3 million to $1.487 billion, the reserve position with the fund plunged $5 million to $2.385 billion, the bank said.