Mumbai, April 20 (TNS): Amid Pakistan’s foreign exchange reserves (forex) dropped sharply in recent days, neighbor country’s foreign exchange reserves expanded by $1.217 billion to touch a life-time high of $426.082 billion in April this year, Indian media reported.
The soar in India’s forex reserves is due to surge in foreign currency assets, the Reserve Bank of India (RBI) said on Friday.
In the previous week, forex reserves had increased by $503.6 million to $424.864 billion. It had crossed the $400-billion mark for the first time in the week to 8 September 2017, but have since been fluctuating.
In the reporting week, the foreign currency assets, a major component of the overall reserves, increased by $1.202 billion to $400.978 billion. Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies, such as the euro, pound and yen, held in the reserves.
Gold reserves remained unchanged at $ 21.484 billion in the reporting week, RBI said. The special drawing rights with the International Monetary Fund (IMF) increased by $6.6 million to $1.540 billion. The country’s reserve position with the IMF also rose by $8.9 million to $2.079 billion, RBI said.