Forex reserves hit fresh all-time high, cross $371 billion

Mumbai: The country's forex reserves continued to scale new highs, with the week to September 9 adding USD 3.513 billion to the kitty, which hit a new life-time peak of USD 371.279 billion, RBI data showed Friday.

The reserves had increased by USD 989.5 million to USD 367.76 billion in the previous reporting week.

The reserves are more than sufficient to cover nearly 13 months of exports.

The surge indicates that new RBI Governor Urjit Patel is continuing with his predecessor Raghuram Rajan's policy of building up the forex reserves. The three-year tenure of Rajan saw the RBI adding a net of USD 92 billion to the kitty.

Foreign currency assets (FCAs), a major component of the overall reserves, swelled by USD 3.509 billion to USD 345.747 billion for the week ended September 9, the Reserve Bank said.

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

Gold reserves, however, were unchanged at USD 21.64 billion at the end of the reporting week, the apex bank said.

The country's special drawing rights with the International Monetary Fund increased by USD 5.3 million to USD 1.493 billion, while the reserve position with the fund was down by USD 1.3 million to USD 2.395 billion, it added.