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Forex reserves at record high of $400.726 bn

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Mumbai : India’s forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion in the week ended September 8 on account of rise in foreign currency assets, RBI data showed Friday. In the previous week, the reserves had increased by $3.572 billion to $398.122 billion. The foreign currency assets (FCAs), a major component of the overall reserves, increased by $2.568 billion to $376.209 billion for the reporting week, according to  RBI.

 Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves. The gold reserves remained unchanged at $20.691 billion. The special drawing rights with the International Monetary Fund (IMF) increased by $14.2 million to $1.520 billion, RBI said.