India's forex reserves rise to nearly $400 bn

Mumbai : Continuing a recent trend, Indian foreign exchange reserves shot up by a massive $3.572 billion to touch a high of $398.122 billion for the week ended September 1, Reserve Bank of India (RBI) data showed on Friday.

The country's foreign currency assets (FCAs), a major portion of the overall reserves, increased by $2.808 billion, to $373.641 billion for the week in consideration.

According to the latest RBI data, while gold reserves also rose by $748.3 million to $20.691 billion, India's special drawing rights (SDRs) with the International Monetary Fund increased by $6.5 million to $1.506 billion.

The special drawing rights with the International Monetary Fund (IMF) increased by $6.5 million to $1.506 billion, the apex bank said.

In the previous week, the reserves had increased by $1.148 billion to $394.55 billion.

The inflow of foreign currency into the Indian equity and debt markets have contributed substantially to the impressive rise in reserves.