India's foreign exchange reserves claw back to $400-bn mark again

Mumbai: India's foreign exchange reserves reclaimed the $400-billion mark again, rising by $1.208 billion to touch $400.741 billion in the week to 24 November, according to the weekly data from the Reserve Bank.

In the previous week, the reserves rose by $240.4 million to $399.533 billion, as per the central bank data.

U.S. dollars. Reuters.

The spike in reserves was helped by an increase in foreign currency assets, which are a major component of the overall reserves. The foreign currency reserves increased by $1.208 billion to $376.304 billion for the reporting week, the RBI said on Friday.

Expressed in the US dollar terms, 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 $20.666 billion.

The special drawing rights with the International Monetary Fund marginally declined by $0.1 million to $1.497 billion.

The country's reserve position with the Fund also fell by $0.2 million to $2.272 billion, the apex bank said.