Forex reserves back above $400 billion after 5 weeks
, ET Bureau|
Updated: Dec 01, 2017, 06.26 PM IST
Kolkata: India's foreign exchange reserves have surpassed the $400-billion mark again after hovering below that level for the last five weeks reflecting changes in valuation.
Rise in India's forex reserves over the last one year caught the attention of other major global economies with the US Treasury saying last month that it would keep a close watch as Mint Street continues to accumulate dollar quite aggressively.
Reserve Bank of India weekly data showed that reserves rose $1.2 billion in the week to November 24 to $400.742 billion.
While RBI does not provide reasons behind rise or fall in reserves, the data last week suggests that the rise was due to change in valuation of reserves held in other global currencies such as pound sterling, euro and Japanese yen.
Foreign currency assets, which captures the change in valuation, rose $1.2 billion in the week under review to $376,305 billion.
India's reserves now cover about 11 months of imports. India has added about $31 billion in foreign exchange reserves over the past one year with consistent foreign investment flows.
Rise in India's forex reserves over the last one year caught the attention of other major global economies with the US Treasury saying last month that it would keep a close watch as Mint Street continues to accumulate dollar quite aggressively.
Reserve Bank of India weekly data showed that reserves rose $1.2 billion in the week to November 24 to $400.742 billion.
While RBI does not provide reasons behind rise or fall in reserves, the data last week suggests that the rise was due to change in valuation of reserves held in other global currencies such as pound sterling, euro and Japanese yen.
Foreign currency assets, which captures the change in valuation, rose $1.2 billion in the week under review to $376,305 billion.
India's reserves now cover about 11 months of imports. India has added about $31 billion in foreign exchange reserves over the past one year with consistent foreign investment flows.
