RBI's forex reserves climb to all-time high of $340 bn

The Reserve Bank of India (RBI)’s foreign exchange reserves hit an all-time high of $340 billion for the week ending March 20, showed data released on Friday. The rise in reserves was $4.26 billion.

This is the seventh time this year foreign exchange reserves touched an all-time high.

Foreign currency assets, a key component, rose by $4.54 billion to $314.89 billion. The reserves have been rising because the central bank has been mopping dollar flows through state-run banks.

During the week gold reserves remained unchanged at $19.84 billion.

For the week under review, the Special Drawing Rights (SDRs) rose by $18.2 million to $3.98 billion, while India's reserve position with the International Monetary Fund (IMF) was down $295.8 million to $1.29 billion.