The forex reserves surged by a massive $ 3.572 billion to touch a record high of $ 398.122 billion for the week ended September 1, on account of rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had increased by $ 1.148 billion to $ 394.55 billion. Last month, American brokerage Morgan Stanley had forecast that the reserves might touch the $ 400 billion mark in the week to September 8.
And if the rise in the kitty continues with the same speed, it may cross that magic numbers next week.The foreign currency assets (FCAs), a major component of the overall reserves, increased by $ 2.808 billion to $ 373.641 billion for the reporting week, according to the data. Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves. After remaining unchanged for many weeks, gold reserves also rose by $ 748.3 million to $ 20.691 billion. The special drawing rights with the International Monetary Fund (IMF) increased by $ 6.5 million to $ 1.506 billion, the apex bank said. The country's reserve position with the IMF also increased by $ 9.8 million to $ 2.283 billion, it said.
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