India's forex reserves rise to over USD 453 billion, hits record high

MUMBAI: India's foreign exchange reserves continued their upward trajectory during the week ended December 6 and touched new record highs.

The reserves rose by $2.34 billion during the week under review, official data showed on Friday.

The Reserve Bank of India's weekly statistical supplement showed that overall forex reserves increased to $453.42 billion from $451.08 billion reported for the week ended November 29.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.89 billion to $421.25 billion.

The RBI's weekly data showed that the value of the country's gold reserves went up by $430 million to $27.07 billion.

Similarly, the SDR value inched up by $5 million to $1.44 billion, while the country's reserve position with the IMF increased by $15 million to $3.64 billion.