Dollar swap auction boosts forex reserves by $4.7 bn to $418.5 bn

The country's foreign exchange reserves soared by $4.368 billion to $418.515 billion in the week to April 26, helped by the second dollar-rupee swap auction, RBI data showed Friday.

In the swap auction conducted on April 23, the Reserve Bank had received bids worth $18.65 billion against $5 billion on offer. It accepted just five bids worth $5 billion.

In the previous week, the forex reserves had declined by $739.2 million to $414.147 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by $4.387 billion to $390.421 billion.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves.

The forex kitty had touched a life-time high of $426.028 billion in the week to April 13, 2018.

Gold reserves remained unchanged at $23.303 billion, according to the data.

The special drawing rights with the International Monetary Fund was down by $5.9 million to $1.449 billion.

The country's reserve position with the Fund also declined $13.6 million to $3.341 billion, the according to the Reserve Bank.