Forex reserves up by USD 171.9 mn to USD 418.7 bn

Country's foreign exchange reserves increased by USD 171.9 million to USD 418.687 billion in the week to May 3, mainly on account of a rise in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves had swelled by USD 4.368 billion to USD 418.515 billion, helped by the second dollar-rupee swap auction held on April 23.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by USD 448.3 million to USD 390.869 billion.

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

Gold reserves declined by USD 281.6 million to USD 23.021 billion, according to the data.

The special drawing rights with the International Monetary Fund rose by USD 1.6 million to USD 1.451 billion.