Forex reserves rises $1.2 bn to $371 bn

In the previous week, the reserves had declined by $1.679 billion to $369.6 billion

India’s foreign exchange reserves increased $1.17 billion to reach $370.8 billion for the week to September 23 on account of rise in foreign currency assets, according to Reserve Bank of India data.

In the previous week, the reserves had declined $1.68 billion to $369.6 billion. They had touched life-time high of $371.28 billion in the week to September 9.

Foreign currency assets (FCAs), a major component of the overall reserves, rose $1.17 billion to $345.2 billion, RBI said.

Gold reserves remained unchanged at $21.6 billion, the apex bank said. The country's special drawing rights with the IMF dipped by $1 million to $1.5 billion, while the reserve position with the fund was down by $1.4 million to $2.4 billion, RBI said.