India forex reserves soar to record USD 473 billion

The country's foreign exchange reserves rose by USD 1.701 billion to a lifetime high of USD 473 billion in the week to February 7 on account of increase in foreign currency assets, according to RBI data. In the previous week, the foreign exchange reserves had swollen by USD 4.607 billion to USD 471.3 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.938 billion to USD 439.186 billion. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

In the reporting week, gold reserves declined by USD 218 million to USD 28.779 billion. The special drawing rights with the International Monetary Fund (IMF) were down by USD 2 million to USD 1.436 billion.

The country's reserve position with the IMF was down by USD 16 million to USD 3.599 billion, the data showed.

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