Forex reserves up by USD 29 mn to record USD 476.12 bn

Mumbai, Feb 28 () India's foreign exchange reserves inched up by USD 29 million to a fresh lifetime high of USD 476.122 billion in the week to February 21, aided by an increase in the value of gold holdings, Reserve Bank data showed on Friday.

The forex kitty had zoomed by USD 3 billion to USD 476.092 billion in the previous reporting week.

Foreign currency assets, a major component of the overall reserves, fell by USD 490 million to USD 441.458 billion in the reporting week, ending a multi-week surge.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The value of the gold reserves rose for the second consecutive week, climbing USD 539 million to USD 29.662 billion, the apex bank said.

The special drawing rights with the International Monetary Fund (IMF) dipped by USD 4 million to USD 1.426 billion.

The country's reserve position with the Fund also declined by USD 15 million to USD 3.575 billion, the data showed. AA ABMABM