India’s forex reserves at $316 billion inch closer to life time high!

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India’s foreign exchange reserves rose by $ 614.6million to $ 316.393 billion in the week ended July 4, the Reserve Bank of India (RBI) declared. The forex reserves had grown by $ 856.6 million to $ 315.778 billion in the previous week.
In its weekly statistical data issued yesterday, the banking regulatory body has said that the key foreign currency assets  grew by $ 760.6 million to $ 289.573 billion during the week. In the previous week, reserves had risen by $856.6 million to $315.778 billion.
With this, the reserves are close to the record high reported in late 2011 at $321 billion.
According to the bulletin, the country’s gold reserves fell by $ 155.5 million to $ 20.635 billion, while its special drawing rights (SDRs) went up by $ 6.9 million dollars to $ 4.467 billion during the week.
India’s reserve position in the Indian Monetary Fund (IMF) went up by $ 2.6 million to $ 1.718 billion during the period.

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