Forex reserves at record high of $424.867 bn

India's foreign exchange reserves rose by $503.6 million to touch a lifetime high of $424.864 billion in the week, aided by an increase in foreign currency assets, the Reserve Bank said on Friday.

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. After remaining stable for past few weeks, gold reserves decreased by $130.7 million to $21.484 billion in the reporting week.

Rupee on Friday closed marginally higher against US dollar, tracking gains in the local equity market.

On the economy front, the retail inflation slipped to a five-month low at 4.28% in March but was higher than 3.89% recorded in the same month last year. Core inflation rose to 5.4% year on year compared to 5.1-5.2% at the start of 2018.

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