Forex reserves hit new record high of USD 353.8 bn

Country's foreign exchange reserves surged by USD 1.745 billion to touch a record high of USD 353.876 billion in the week to May 15, helped by the increase in foreign currency assets, according to RBI data.
In the previous week, forex reserves had risen by USD 262.4 million to USD 352.131 billion.
The foreign currency assets, a major component of the overall reserves, were up USD 1.708 billion to USD 329.124 billion for the reporting week, the RBI data showed today.
Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

The gold reserves remained stable at USD 19.335 billion.
The special drawing rights with the International Monetary Fund were up by USD 27.8 million to USD 4.090 billion, while the country's reserve position with the fund also rose by USD 9.1 million to USD 1.325 billion, the RBI data showed.