India’s foreign exchange reserves reach record high of USD 372 billion

India’s foreign exchange reserves scaled a new high of USD 371.99 billion, up USD 1.223 billion for the week to September 30, as per the Reserve Bank data.

The central bank said the increase was primarily on account of a USD 1.468-billion surge in the foreign currency assets.

In the previous week, the reserves had risen by USD 1.166 billion to USD 370.766 billion. Previously, they had touched a high of USD 371.279 billion in the week to September 9.

Foreign currency assets which are a major component of the overall reserves surged by USD 1.468 billion to USD 346.71 billion, the Reserve Bank said.

Foreign currency assets, expressed in US dollar terms, include the effect of appreciation/depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

After remaining steady for multiple weeks, gold reserves declined USD 236.4 million to USD 21.406 billion, the apex bank said.

The special drawing rights with the International Monetary Fund decreased by USD 3.3 million to USD 1.487 billion, while the reserve position with the fund dipped by USD 5 million to USD 2.385 billion, the apex bank said.