Forex reserves scale new high of $117 bn

India’s foreign exchange reserves continued their upward swing, crossing $ 117 billion mark with further inflows of $1.53 billion for the week ended April 16.

The country’s foreign exchange reserves increased from $116.06 billion to $117.59 billion during the period under review, according to Reserve Bank of India’s weekly statistical supplement issued here on Saturday. In the previous week ended April 9, forex reserves had swelled substantially by $3.37 billion, boosted by inflows in public offerings of state-owned undertakings, including ONGC.

Foreign currency assets for the week ended April 16 surged by $1,543 million to $1,12,103 million. Revaluation of US dollar vis-a-vis other currencies and export remittances resulted in the rise in reserves.

India’s reserve tranche position (RTP) with the International Monetary Fund (IMF) further declined by $11 million to $1,289 million, the central bank added.