India's forex kitty continues to swell, adds another $1.1 billion

Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.

India's foreign exchange reserves continued its northward push, increasing by $1.105 billion to touch $414.886 billion in the week to April 12, the Reserve Bank data showed on Friday.

In the previous week, reserves had increased by $1.876 billion to $413.781 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.

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

The forex kitty had touched a life-time high of $426.028 billion in the week to April 13, 2018.

Gold reserves also increased by $77.4 million to $23.303 billion, according to the data.

The special drawing rights with the International Monetary Fund was up by $3.3 million to $1.458 billion.

The country's reserve position with the Fund also increased by $378.1 million to $3.362 billion, the apex bank said.

Photograph: Nyimas Laula/Reuters