India's forex reserves continue to grow hitting a record high of $454.49 billion

India's forex reserves continued on the northward trajectory, rising to a new record of USD 454.492 billion on the back of a USD 1.07 billion accretion for the week ended December 13, the RBI said on Friday.

The forex kitty had risen by USD 2.342 billion in the previous reporting week to USD 453.422 billion.

In the current reporting week, the rise was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by USD 1.163 billion to USD 422.422 billion, according to the data.

Expressed in 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 forex reserves.

During the reporting week, gold reserves decreased by USD 110 million to USD 26.968 billion, the RBI data said.

The special drawing rights with the International Monetary Fund were up by USD 2 million to USD 1.444 billion during the week.

The country's reserve position with the International Monetary Fund also increased by USD 14 million to USD 3.658 billion, the data showed.