In the week ended on 11 October, India’s forex reserves rises US$ 1.88 billion: RBI

INDIA’s forex kitty increased by USD 1.879 billion to touch all -time high totalling  USD 439.712 billion in the week  ending on October 11. The country’s reserve position with the Fund also increased by USD 7 million to USD 3.623 billion, PTI reports citing Mumbai headquartered Reserve Bank Of India. The forex reserves had increased by a higher USD 4.24 billion to a new high of USD 437.83 billion in the previous reporting week. For the week under review, the foreign currency assets, which are the biggest part of the reserves, increased by USD 2.269 billion to USD 407.88 billion, the RBI said. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves. The value of the gold reserves dipped by USD 399 million to USD 26.778 billion for the week, the RBI said.The special drawing rights with the International Monetary Fund rose USD 2 million to USD 1.431 billion during the week.