Forex reserves surge by USD 3 billion to USD 417.789 bn

The Reserve Bank of India  said that country's foreign exchange reserves rose sharply by 3 billion dollars to touch a new life-time high of 417.789 billion dollars in the week to January 26, aided by a rise in foreign currency assets. 

In the previous week, the reserves had increased by 959.1 million dollars to 414.784 billion dollars.The reserves had crossed the USD 400-billion mark for the first time in the week to



September 8, 2017 but has since been fluctuating. But for the past four weeks, it has been on a continuous rally.

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

The central bank said, gold reserves remained unchanged at 20.421 billion dollars.