India's forex reserves hits record high of USD 430 billion

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to an all-time high of USD 430.376 billion from USD 428.797 billion reported for the week ended July 12.

Mumbai: India's foreign exchange reserves increased by USD 1.578 billion during the week ended July 19, official data showed on Friday.

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves rose to an all-time high at USD 430.376 billion from USD 428.797 billion reported for the week ended July 12.

India's forex reserves comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs - the largest component of the forex reserves - edged higher by USD 1.393 billion to USD 401.091 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI's weekly data showed that the value of the country's gold reserves was stagnant at USD 24.304 billion.

However, the SDR value slipped by USD 3.3 million to USD 1.447 billion, whereas the country's reserve position with the IMF rose USD 188.6 million to USD 3.533 billion.