India's forex kitty surges to $479.57 billion

Gold reserves increased $1.54 billion to $32.68 billion in the reporting week.

The country's foreign exchange reserves surged by $3.09 billion to $479.57 billion in the week to April 17, due to an increase in foreign currency assets, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had increased by $1.81 billion to $476.47 billion.

The reserves had touched a life-time high of $487.23 billion in the week to March 6, after it rose by $5.69 billion.

During 2020-21, the country's foreign exchange reserves had risen by almost $62 billion.

In the reporting week ended April 17, foreign currency assets (FCA), a major component of the overall reserves, rose $1.55 billion to $441.88 billion.

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

The gold reserves increased $1.54 billion to $32.68 billion in the reporting week, the RBI data showed.

Special drawing rights with the International Monetary Fund (IMF) were up by $3 million to $1.43 billion.

The country's reserve position with the IMF remained stable at $3.58 billion during the reporting, the data showed.

Photograph: Dado Ruvic/Reuters