India’s foreign exchange reserves hit all-time high of $367 billion

India`s foreign exchange reserves stood at $367.76 billion as of 2 September 2016, up from $366.77 billion the week before, ie, 26 August 2016, showing an increase of $989.5 million, data released by the Reserve Bank of India (RBI) showed.

RBI on Friday said the country's forex reserves increased by $989.5 million on the back of a healthy increase in core currency assets.

Foreign currency assets of the country stood at $342.23 billion as of 2 September, while gold stocks stood at $21.62 billion, special drawing rights at $1.48 billion and the reserve position in the International Monetary Fund (IMF) at $2.39 billion.

The reserves as on 26 August 2016 comprised foreign currency assets worth $341.28 billion, gold stocks of $21.58 billion, special drawing rights of $1.49 billion and IMF reserve position at $2.41 billion.

The total reserves had declined marginally by $392.6 million to $366.77 billion in the previous reporting week.

The reserves had touched an all-time high of $367.16 billion previously.

Foreign currency assets (FCAs), a major component of the overall reserves, swelled by $952.2 million to $342.23 billion for the week ended September 2, RBI said on Friday.

FCAs, expressed in dollar terms, include the effect of appreciation/depreciation of non-US currencies such as euro, pound and yen held in the reserves.

Gold reserves rose $58.1 million to $21.64 billion at the end of the reporting week, it said.