Forex reserves up by USD 1.3 bn to USD 401.79 bn

The country's foreign exchange reserves increased by USD 1.3 billion to USD 401.790 billion in the week to September 21, helped by a rise in foreign currency assets, according to RBI data.

In the previous week, forex reserves had risen by USD 1.207 billion to USD 400.489 billion.

In the reporting week, foreign currency assets, a major component of the overall reserves, increased by USD 1.257 billion to USD 377.412 billion, as per RBI data.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in the reserves.

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018, but have been declining since then.

The dip in reserves is on account of RBI's intervention in the foreign exchange market to stem the rupee's fall, according to forex analysts.

Gold reserves rose by USD 35.9 million to USD 20.414 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 2.6 million to USD 1.481 billion.

The country's reserve position with the IMF also increased by USD 4.3 million to USD 2.482 billion, the apex bank said.