RBI's forex reserves climb to all-time high of $330.21 bn

Foreign currency assets, a key component of reserves, rose by $1.63 billion to $304.96 billion

The Reserve Bank of India (RBI)’s foreign exchange reserves rose to an all-time high of $330.2 billion for the week ended February 6, show data released on Friday. The rise in reserves was $2.1 billion. This is the second consecutive all-time high.

Foreign currency assets, a key component rose $1.6 billion to $304.9 billion.

The reserves have been rising because the central bank has been mopping dollar flows through state-run banks. The first time foreign exchange reserves had touched an all-time high of $322.1 billion was in the week ended January 16.  

In the following week, the reserves had dropped slightly before touching another all-time high in the week ended January 30, at $327.88 billion.

During the week, gold reserves rose $805.3 million to $20.18 billion.

For the week under review, the Special Drawing Rights (SDRs) rose $21.8 million to $4.09 billion, while India's reserve position with the International Monetary Fund (IMF) was down $130.3 million to $977.8 million.