Forex reserves up by USD 1.96 billion to USD 421.720 billion

The foreign exchange reserves rose by USD 1.960 billion to USD 421.720 billion in the week to January 16, due to increase in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had declined by USD 2.154 billion to USD 419.760 billion.

The reserves had touched a life-time high of USD 421.914 billion on February 9, FY18. It had crossed the USD 400-billion mark for the first time in the week to September 8 but has since been fluctuating.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.925 billion to USD 396.572 billion.

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

Gold reserves remained unchanged at USD 21.514 billion, the central bank said.

The special drawing rights with the International Monetary Fund rose by USD 13 million to USD 1.546 billion.

The country's reserve position with the Fund also increased by USD 21.7 million to USD 2.087 billion, RBI said.