Forex reserves nearing lifetime high

Inching closer to its historic peak, India's forex kitty increased by USD 1.686 billion to USD 423.554 billion for the week to June 7, RBI data showed on Friday.

The foreign exchange reserves had increased by USD 1.875 billion to USD 421.867 billion in the previous reporting week.

The reserves had touched a lifetime high of USD 426.028 billion in April 2018.

In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 1.666 billion to USD 395.801 billion, the apex bank said.

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

Gold reserves were unchanged at USD 22.958 billion, according to the RBI data.