Business

Forex reserves cross $53b

MUMBAI MARCH 30. India's foreign exchange reserves rose by a record $1.128 billion in the week ended March 22, the highest ever inflow in the recent past, to soar past the $53 billion mark.

During the past three weeks, foreign exchange inflows have shot up by more than $2 billion.

Foreign exchange reserves touched a new high of $53.317 billion following fresh inflows in the reporting week, according to the Reserve Bank of India's weekly statistical supplement issued here today.

This rise was due to foreign exchange earnings, revaluation of the rupee and foreign investment inflows, RBI sources said.

Foreign currency assets (FCA), which ended the week at $50.255 billion, were solely responsible for this massive jump, the RBI said.

Gold at $3.052 billion and special drawing rights at $10 million were unchanged during the week under review.

— PTI

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