Mumbai, India (BBN)– India’s foreign exchange (forex) reserves increased by $253.6 million to touch record high of $365.749 billion in the week to August 5.
The Reserve Bank of India (RBI), the country’s central bank, released the data on Friday.
The country’s reserves increased despite decline in foreign currency assets (FCAs), a major component of the overall reserves.
The reserves had jumped by a healthy $2.81 billion to $365.49 billion in the previous week.
The FCAs declined by $765.4 million to $340.278 billion. FCAs, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.
After remaining steady for many weeks, gold reserves shot up by $1.008 billion to $21.584 billion 20.58 billion, reports PTI.
India’s special drawing rights with International Monetary Fund rose by $4.1 million to $1.488 billion, while the reserve position soared by $6.7 million to $2.397 billion.