India’s Foreign Exchange Reserves Continue To Soar, Touch New High Of $454.49 Billion

The nation's foreign exchange reserves has risen to all-time high of $454.49 billion on the week ended 13 December, reports Financial Express.

This comes after the forex reserves had surged to $453.42 billion just a week before. This rise in reserves has been primarily led by the increase in the nation's foreign currency assets.

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).

The foreign currency assets of the nation include the increase or decrease in the value of different foreign currency warchests maintained by the Reserve Bank of India, including euro, pound and yen.

It should be noted that while the overall reserves have soared, the nation's gold reserves witnessed a marginal dip of $110 million to a total of $26.96 billion.

The special drawing rights with the International Monetary Fund were up by $2 million to $1.444 billion during the week. The country’s reserve position with the International Monetary Fund also increased by $14 million to $3.658 billion, the RBI data showed.

Earlier, India's foreign exchange reserves rose by $2.48 billion to $451.08 billion during the week ended 29 November.