Forex reserves surge to record high of $359.759 bn

India`s foreign exchange reserves surged by a whopping USD 4.2 billion to touch a record high of USD 359.759 billion in the week ended April 1, mainly on account of rise in foreign currency assets, the Reserve Bank said today.

Mumbai: India's foreign exchange reserves surged by a whopping USD 4.2 billion to touch a record high of USD 359.759 billion in the week ended April 1, mainly on account of rise in foreign currency assets, the Reserve Bank said.

Reserves had marginally declined by USD 387.5 million to USD 355.559 billion in the week. In the week ended March 18, the reserves had increased by USD 2.539 billion to touch a life-time high of USD 355.947 billion.

Foreign currency assets (FCAs), a major component of overall reserves, increased by USD 3.539 billion to USD 335.686 billion in the week under review, RBI said in a release.

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

Gold reserves increased by USD 789.6 million to USD 20.115 billion.

India's special drawing rights with the International Monetary Fund (IMF) increased by USD 13.9 million to USD 1.501 billion, while the country's reserve position declined by USD 143.3 million to USD 2.456 billion.