India's forex reserves soar to $319.17 bn high

India’s Forex Reserves Soar to $319.17 bn High

india’s foreign exchange (forex) reserves soared by $955 million to hit an all-time high of $319.17 billion for the week ended Aug 26 due to a sharp jump in the value of foreign currency assets, official data showed Friday.



Forex kitty soared to $319.17 billion during the week under review surpassing the previous all-time high record of $319.08 billion registered during the week ended July 29.



The forex reserves have soared for the second consecutive week. They had risen by $1.61 billion in the previous week.



Foreign currency assets, the biggest component of the forex reserves kitty, rose by $944 million to $286.19 billion during the week under review, according to the weekly statistical supplement of the Reserve Bank of India.



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



The value of special drawing rights (SDRs) rose by $7 million to $4.64 billion and reserves with the International Monetary Fund increased by $4 million to $2.99 billion.



However, the value of gold reserves remained unchanged at $25.35 billion.



Source : inewsone.com