Forex reserves surge USD 5.65 bn to USD 475.56 bn

After falling massively in the week ended March 20, the country's foreign exchange reserves surged by USD 5.65 billion to USD 475.56 billion in the week ended March 27, helped by an increase in foreign currency assets, according to the latest data from the Reserve Bank of India (RBI).

In the week ended March 20, the reserves had declined by USD 11.98 billion to USD 469.91 billion as the RBI was supplying dollars to contain fall in the rupee, which has breached the 76 mark against the US dollar.

In the week of March 13, it had fallen by USD 5.34 billion to USD 481.89 billion. This was the first decline in the country's reserve in almost six months.

The reserves had touched a life-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.

During the week ended March 27, the foreign currency assets (FCA), a major component of the overall reserves, increased by USD 2.56 billion to USD 439.66 billion.

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

The gold reserve also increased by USD 3.03 billion to USD 30.89 billion in the reporting week, the RBI data showed.

The special drawing rights with the International Monetary Fund (IMF) were up by USD 14 million to USD 1.42 billion.

The country's reserve position with the IMF also increased by USD 44 million to USD 3.58 billion, the data showed.