Forex reserves at life-time high of $375.71 billion

Forex reserves at life-time high of $375.71 billion

MUMBAI: The forex reserves(विदेशी मुद्रा भंडार) touched a fresh life-time high of $375.71 billion after rising by $2.985 billion in the week ending May 5, helped by increase in foreign currency assets, the Reserve Bank said. The reserves had risen by $1.594 billion to $372.73 billion in the previous week. Foreign currency assets (FCAs), a major component (अंग) of the overall reserves, rose by $2.474 billion to $351.53 billion in the reporting week, the RBI said. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation(मूल्यह्रास) of non-US currencies, such as the euro, pound and the yen, held in the reserves.  Each foreign tourist gives India Rs 1.76 lakh in foreign exchange.  After remaining stable for past few weeks, gold reserves rose by $569.9 million to $20.438 billion, the central bank said. The special drawing rights with the International Monetary Fund decreased marginally (मामूली) by $0.4 million to $1.459 billion. 

The country's reserve position with the Fund, too, declined by $58.4 million to $2.288 billion, the RBI said.