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Forex reserves surge to record high
India\'s foreign exchange reserves surged by a whopping $4.2 billion to touch a record high of $359.759 billion in the week ended April 1, mainly on account of rise in foreign currency assets, the Reserve Bank said on Friday.
Mumbai : India's foreign exchange reserves surged by a whopping $4.2 billion to touch a record high of $359.759 billion in the week ended April 1, mainly on account of rise in foreign currency assets, the Reserve Bank said on Friday.
Reserves had marginally declined by $387.5 million to $355.559 billion in the week. In the week ended March 18, the reserves had increased by $2.539 billion to touch a life-time high of $355.947 billion. Foreign currency assets (FCAs), a major component of overall reserves, increased by $3.539 billion to $335.686 billion in the week under review, RBI said in a release.
FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
