India’s Forex Reserves hit All Time High $ 339.99 bn

India’s foreign exchange reserves, Forex reserves, hit an all-time high of 339.99 billion dollar in the week ended 20th March.

A RBI release said that foreign currency assets, a major part of the overall reserves, grew by 4.54 billion dollar to 314.88 billion dollar for the reporting week.

In the previous week, the reserves had dropped by 2.06 billion dollar to 335.73 billion dollar. India holds some of its foreign exchange reserves in a basket of currencies like the yen, sterling, euro besides the dollar as a risk mitigation strategy.

The country’s gold reserves remained unchanged at 19.837 billion US Dollars for the reporting week while the special drawing rights increased by 18.2 million dollars to 3.978 billion Dollars.

However, India’s reserve position with the International Monetary Fund, IMF, has declined by 295.8 million dollars to 1.289 billion dollars during the reporting week.