Forex reserves up by $171.9 mn to $418.7 bn

The country's reserve position with the International Monetary Fund also increased by $ 3.6 million to $ 3.344 billion.

The country's foreign exchange reserves increased by $ 171.9 million to $ 418.687 billion in the week to May 3, mainly on account of a rise in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves had swelled by $ 4.368 billion to $ 418.515 billion, helped by the second dollar-rupee swap auction held on April 23.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by $ 448.3 million to $ 390.869 billion.

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

Gold reserves declined by $ 281.6 million to $ 23.021 billion, according to the data.

The special drawing rights with the International Monetary Fund rose by $ 1.6 million to $ 1.451 billion.

The country's reserve position with the International Monetary Fund also increased by $ 3.6 million to $ 3.344 billion, the according to the RBI data.

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

Photograph: Dado Ruvic/Reuters