 "RBI's forex reserves climb to all-time high of $340 bn")
The Reserve Bank of India’s foreign exchange reserves hit an all-time high of $339.99 billion for the week ending March 20, show data released on Friday.
The rise in reserves was $4.26 billion.
This is the seventh time this year that the reserves touched an all-time high. Foreign currency assets, a key component, rose $4.54 billion to $314.89 billion. The reserves have been rising because the central bank has been mopping dollar flows through state-run banks. During the week, gold reserves remained unchanged at $19.84 billion.
Special Drawing Rights rose by $18.2 million to $3.98 billion, while India’s reserve position with the International Monetary Fund was down $295.8 million to $1.29 billion.
The rise in reserves was $4.26 billion.
This is the seventh time this year that the reserves touched an all-time high. Foreign currency assets, a key component, rose $4.54 billion to $314.89 billion. The reserves have been rising because the central bank has been mopping dollar flows through state-run banks. During the week, gold reserves remained unchanged at $19.84 billion.
Special Drawing Rights rose by $18.2 million to $3.98 billion, while India’s reserve position with the International Monetary Fund was down $295.8 million to $1.29 billion.