India's Forex Reserves Touch Record High Of $345 Billion

02/05/2015 8:43 AM IST | Updated 15/07/2016 8:25 AM IST
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An Indian money changer poses as he counts foreign currency notes in New Delhi on August 27, 2013. The rupee, one of Asia's worst-performing currencies this year, fell to a new lifetime low of 65.71 rupees to the dollar in morning trade, slipping past its previous low of 65.56 on August 22. AFP PHOTO/ RAVEENDRAN (Photo credit should read RAVEENDRAN/AFP/Getty Images)

MUMBAI — India's foreign exchange reserves rose $1.4 billion in the week ended April 24 to touch $344.6 billion, creating a new record, the Reserve Bank of India said on Friday.

The rise in exchange reserves was mainly on account of a $1.4 billion jump in the foreign currency assets (FCAs) which stood at $320 billion, data released by the RBI showed.

The forex reserves in the previous week had increased by $2.788 billion to $343.2 billion.

Foreign exchange reserves have increased by close to $25 billion since January as overseas investors poured in dollars in the local debt and equities market buoyed the hope of economic revival.

The country's gold reserves remained stable at $19.03 billion in the week in question.

The special drawing rights (SDRs) with the International Monetary Fund were marginally up by $0.2 million to $4 billion, while the country's reserve position with the IMF remained stable at $1.29 billion.

Meanwhile, expressing concerns over the volatility of the rupee, Finance Minister Arun Jaitley said on Friday that India's currency has remained stable against the US dollar in the last few months mainly because of the forex reserves.

"India's forex reserves and laws to avert flight of currency have supported the rupee," he said at the foundation day celebrations here of the Enforcement Directorate.

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