Forex reserves hit record high at $457.46 billion

The country’s foreign exchange reserves swelled by USD 2.520 billion to touch a record high of USD 457.468 billion in the week to December 27, according to RBI data.

In the previous week, the reserves rose to USD 454.948 billion after increasing by USD 456 million.

In the reporting week, the increase in reserves was mainly on account of a gain in foreign currency assets, major component of the overall reserves, which surged by USD 2.203 billion to USD 424.936 billion, the data released by the Reserve Bank on Friday showed.

Expressed in 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 forex reserves.

During the week, gold reserves increased by USD 260 million to USD 27.392 billion.

The special drawing rights with the International Monetary Fund dipped by USD 2 million to USD 1.441 billion.

The country’s reserve position with the Fund, however, increased by USD 58 million to USD 3.7 billion, the data showed.