Foreign exchange reserves jump by $1.2 bn to $401.94 bn on increase in foreign currency assets

Mumbai: India's foreign exchange reserves increased by $1.2 billion to touch $401.942 billion in the week to 1 December, according to the RBI data. The surge in reserves was aided by an increase in foreign currency assets, a major component of the overall reserves. The reserves once again crossed $400 billion mark in the previous week, after they rose $1.208 billion to $400.741 billion. The foreign currency reserves increased by $1.151 billion to $377.456 billion for the reporting week, the RBI said on Friday.

Expressed in the US dollar terms, 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. After remaining stable for many months, gold reserves also rose by $36.5 million to $20.703 billion. The special drawing rights with the International Monetary Fund rose by $4.9 million to $1.502 billion. The country's reserve position with the Fund also rose by $7.4 million to $2.280 billion, the Reserve Bank of India said.