Forex reserves cross USD 440 billion-mark, up by USD 1.04 billion

NEW DELHI: Continuing its northward surge, India’s forex kitty has swelled by USD 1.039 billion to a new life-time high of USD 440.751 billion for the week ended October 18, the Reserve Bank said on Friday.nnThe forex reserves had risen by USD 1.879 billion to a new record high of USD 439.712 billion in the previous reporting week.nnFor the week under review, the foreign currency assets, which are the biggest part of the reserves, increased by USD 931 million to USD 408.881 billion, the RBI said.nnExpressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.nnThe value of the gold reserves increased by USD 82 million to USD 26.861 billion for the week, the RBI said.nnThe special drawing rights with the International Monetary Fund rose USD 9 million to USD 1.440 billion during the week.nnThe country’s reserve position with the Fund also increased by USD 17 million to USD 3.640 billion, the data showed.nnSource: Press Trust of India