India’s Forex reserves touch $ 360.296 billion

India’s Foreign exchange reserves grew by $ 625.5 million and touched $ 360.296 billion in the week to December 30.

The Reserve Bank of India (RBI) said this was because the foreign currency assets increased.

However, in the previous week, the forex reserves had declined by $ 935.2 million to $ 359.671 billion.

The reserves had touched a life-time high of $ 371.99 billion in the week to September 30, 2016.

Foreign currency assets (FCAs), a major component of the overall reserves, increased by $ 612.4 million to $ 336.582 billion in the reporting week.

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

Gold reserves remained steady at $ 19.982 billion in the reporting week, the RBI said.

The special drawing rights with the International Monetary Fund rose by $ 4.9 million to $ 1.432 billion, while India's reserve position with the Fund, too, increased by $ 8.2 million to $ 2.299 billion, RBI said.