The RBI weekly statistical supplement said the country’s value of gold reserves increased by $35.9mn to $20.41bn. India’s forex reserves comprise of foreign currency assets, gold reserves, special drawing rights and RBIs position with International Monetary Fund, reported Business Standard.
Based on these segments foreign currency assets, which is a large component of the reserves was evaluated to $377.41bn during review. In the week of April, forex reserves had hit a record of $426.028bn.
Earlier this year, International Monetary Fund data showed that India’s gold holding in foreign reserve rose to 560.3 tonnes by end of March 2018. As reported on Business Standard “The addition looks like a pilot purchase. The net impact is that reserves are up marginally. This is not significant and does not imply strategic addition, unless we see a creeping acquisition trend,” a source said. “This was a decision taken by the government before the Budget presentation. But due to the sensitivity of the issue, it was not announced,” another source added.