Forex reserves soar USD 1 bn to USD 429.60 bn

The country's foreign exchange reserves increased by USD 1.004 billion to USD 429.608 billion in the week to September 6, helped by a rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had fallen by USD 446 million to USD 428.604 billion.

The reserves had touched a life-time high of USD 430.572 billion in August this year. In the week to September 6, foreign currency assets, a major component of overall reserves, and risen by USD 1.200 billion to USD 397.205 billion, the Reserve Bank said.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves. During the week, gold reserves declined by USD 199 million to USD 27.35 billion, according to the data.

The special drawing rights with the International Monetary Fund remained unchanged at USD 1.434 billion during the week. The country's reserve position with the Fund rose marginally by USD 2 million to USD 3.619 billion, the data showed.

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