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RBI: Forex reserves rose by $1 bn to $429.60 bn, Gold drops by $199 mn to $27.35 bn

The country’s foreign exchange reserves increased by $1.004 billion to $429.608 billion in the week to September 6, helped by a rise in foreign currency assets, RBI data showed on Friday. In the previous week, the reserves had fallen by $446 million to $428.604 billion.

The reserves had touched a life-time high of $430.572 billion in August this year.

In the week to September 6, foreign currency assets, a major component of overall reserves, and risen by $1.200 billion to $397.205 billion, the Reserve Bank said.

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

During the week, gold reserves declined by $199 million to $27.35 billion, according to the data.

The special drawing rights with the International Monetary Fund remained unchanged at $1.434 billion during the week.

The country’s reserve position with the Fund rose marginally by $2 million to $3.619 billion, the data showed.