Forex reserves rise by $2.7 bn to $396 bn, highest weekly gain in a year

India's foreign exchange (forex) reserves rose by nearly $2.7 billion as on January 4, 2019, according to data released by the Reserve Bank of India on Friday. This is the highest weekly gain since February 2018.

The total forex reserves was $396 billion against $393 billion reported for the week ended January 4. Foreign currency assets rose by $2.2 billion to $370 billion during the week under review.

The country's gold reserves rose by $465 million to $21.6 billion. However, the value of special drawing rights declined slightly to $1.46 billion while India’s reserve position with the International Monetary Fund also fell marginally $2.64 billion.