Forex kitty swells to $112 bn

Foreign exchange reserves surged ahead in the first week of the new fiscal following fresh accretion of over one billion dollars to move past the record levels of $112 billion during the week ending April 2.

Market purchases by the RBI, revaluation of the US dollar against other currencies, export remittances and fresh inflows led to inflows of $1,068 million, enabling forex reserves to climb to the $1,12,680 million mark, Reserve Bank of India’s weekly statistical bulletin said.

Foreign currency assets also swelled by $1,050 million to touch $1,07,175 million. Gold reserves rose by $8 million taking the total to $4,198 million while special drawing rights remained static at $2 million.