Forex reserves hit new record high at $333 billion

India's foreign exchange reserves have hit a fresh high, rising by $2.956 billion to $333.169 billion in the week to February 13, helped by a healthy increase in foreign currency assets.

In the previous week, the reserves had increased by $2.329 billion to $330.213 billion.

The latest accretion to the reserves can help India cover its import bill for almost 10 months now, according to analysts.

The foreign currency assets (FCAs), a major constituent of overall reserves, increased by $2.299 billion to $307.257 billion in the reporting week, the latest Reserve Bank data showed.

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in reserves.

The gold reserves remained unchanged at $20.183 billion, reflecting a tepid movement in prices of the yellow metal.

Special drawing rights decreased by $5.1 million to $4.089 billion, while the country's reserve position with the International Monetary Fund increased by $661.9 million to $1.639 billion during the week, the data showed.