Forex reserves up by $1.96 billion to $421.720 billion

The foreign exchange reserves rose by $1.960 billion to $421.720 billion in the week to January 16, due to increase in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had declined by $2.154 billion to $419.760 billion.

The reserves had touched a life-time high of $421.914 billion on February 9, FY18. It had crossed the $400-billion mark for the first time in the week to September 8 but has since been fluctuating.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by $1.925 billion to $396.572 billion.

Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at $21.514 billion, the central bank said.

The special drawing rights with the International Monetary Fund rose by $13 million to $1.546 billion.

The country's reserve position with the Fund also increased by $21.7 million to $2.087 billion, RBI said.

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