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Forex reserve jumps by $568.9 million to $393.58 billion.


Date: 24-11-2018
Subject: Forex reserve jumps by $568.9 million to $393.58 billion
Mumbai: The country's foreign exchange reserves rose by $568.9 million to $393.580 billion in the week to November 16, mainly due to a spurt in foreign currency assets, according to RBI data. 

In the previous week, reserves had declined by $121.2 million to $393.01 billion. 

In the reporting week, foreign currency assets, a major component of overall reserves, increased by $506 million to $368.541 billion, as per the RBI data. 

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

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion. 

Gold reserves rose by $73 million to $20.961 billion, the data showed. 

The special drawing rights with the International Monetary Fund (IMF) declined by $5.7 million to $1.453 billion. 

The country's reserve position with the IMF also dipped by $4.4 million to $2.623 billion, the apex bank said. 

Source: economictimes.indiatimes.com

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