Forex reserves up by USD 944 million to USD 399.21 billion

Mumbai: The country's foreign exchange reserves increased by USD 944.7 million to USD 399.217 billion in the week to February 22, due to increase in foreign currency assets, according to the RBI data.

In the previous week, the reserves had increased by USD 150.2 million to USD 398.272 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 928.6 million to USD 371.99 billion.

Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion.

Gold reserves remained unchanged at USD 22.764 billion in the reporting week, the data showed. The special drawing rights with the International Monetary Fund (IMF) rose by USD 5.3 million to USD 1.460 billion.

The country's reserve position with the IMF increased by USD 10.8 million to USD 2.993 billion, the apex bank said.