India’s forex reserves at record high $344.6 billion

9ljx6er3According to the Reserve Bank of India, the foreign exchange reserves surged to a new life-time high of $344.6 billion in the week to April 24, as foreign currency assets rose.

Foreign currency assets, expressed in dollar terms include the effect of appreciation and depreciation of non-US currencies held in the reserves.  The country’s gold reserves remained stable at $19.03 billion in the reporting week.

India’s reserve position with the International Monetary Fund remained stable at $1.29 billion.