The central bank showed that foreign currency assets significantly soared we the forex reserves jumping by a record USD 44.903 billion to a new lifetime high of $785.706 billion during the week ending September 4.
In the previous reporting week, the overall reserves increased $11.475 billion to a then new all-time high of $740.803 billion.
The kitty had been declining since the start of the Iran war in in March, as the rupee came under intense punting pressure and the RBI had to intervene in the forex market through dollar sales.
However, the reserves started increasing since the RBI announced concessional forex swap initiatives in June this year amid a sharp depreciation in the local currency. The move has yielded over USD 136 billion in new flows.
For the week to September 4, foreign currency assets, a major component of the reserves, increased $47.498 billion to $648.168 billion, the central bank’s data showed.
Expressed in dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves decreased $2.594 billion to $113.816 billion during the week, the RBI said, adding that the special drawing rights were down by $4million at $18.806 billion
The reserve position with the IMF was up $2 million to $4.916 billion at the end of the reporting week, the apex bank said.
