Forex reserves scale newhigh of $411.124 bn

Continuing its rising trends, foreign exchange reserves surged by $1.758 billion to mount a new record high of $411.124 billion in the week to January 5, the Reserve Bank of India said on Friday. In the previous week, foreign exchange reserves had jumped by $4.444 billion to reach a fresh peak of $409.366 billion. The reserves had crossed the $400-billion mark for the first time in the week to September 8, 2017, but had since been fluctuating. The spike in reserves was due to a rise in foreign currency assets, a major component of the overall reserves. In the reporting week, foreign currency assets rose by $2.045 billion to $387.149 billion.