Forex reserves cross USD 440 billion mark, up by USD 1.04 billion

Mumbai: Continuing its northward surge, India's forex kitty has swelled by USD 1.039 billion to a new life-time high of USD 440.751 billion for the week ended October 18, the Reserve Bank of India said on Friday.

The forex reserves had risen by USD 1.879 billion to a new record high of USD 439.712 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 931 million to USD 408.881 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 increased by USD 82 million to USD 26.861 billion for the week, the RBI said.

The special drawing rights with the International Monetary Fund rose USD 9 million to USD 1.440 billion during the week.

The country's reserve position with the Fund also increased by USD 17 million to USD 3.640 billion, the data showed.