Forex reserves hit all-time high at $322.14 billion

The previous life-time high was $320.79 billion, way back in the week ended September 2, 2011. The foreign currency assets (FCAs), a major constituent of overall reserves, jumped $2.685 billion to $297.53 billion in the reporting week, as per the Reserve Bank data. The reserves had surged by $236.4 million to $319.475 billion in the previous week. The rise in forex reserves, now sufficient to cover over 9 months of import cover, was aided by heavy foreign inflows into the capital market in the last 12 months with the debt market getting over $26 billion and equity $16 billion.

The RBI held 557.8 tonnes of gold, of which 265.5 tonnes are held abroad in safe custody with the Bank of England and the Bank for International Settlements.