Forex reserves touch all-time high of $356 bn

Rise in reserves was predominantly on account of increase in FCAs

India’s foreign exchange reserves touched an all-time high of $355.95 billion in the week ended March 18, on the back of an addition of $2.53 billion to the kitty.

The reserves had touched $355 billion in the week ended June 19, 2015.  India’s foreign exchange reserves have risen $14.3 billion since March 2015.

In the week ended March 11, the reserves had increased $2.54 billion to $353.40 billion, according to Reserve Bank of India (RBI) data.

The rise in reserves was predominantly on account of increase in foreign currency assets (FCAs) — a major component of overall reserves — by $2.5 billion to $332.5 billion.  FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

Gold reserves marginally rose by $0.6 million to $19.3 billion in the week.

India’s special drawing rights with the International Monetary Fund increased $12 million to $1.5 billion, while the country’s reserve position with the Fund was up $21 million to $2.6 billion, RBI said.