Forex reserves at all-time high of $354 bn

India's foreign exchange reserves surged by $1.745 billion to touch a record high of $353.87 billion in the week to May 15, helped by the increase in foreign currency assets, according to Reserve Bank of India data.

In the previous week, forex reserves had risen by $262.4 million to $352.131 billion.

The foreign currency assets, a major component of the overall reserves, were up $1.708 billion to $329.124 billion for the reporting week, the RBI data showed on Friday.

Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen held in the reserves.

The gold reserves remained stable at $19.335 billion.

The special drawing rights with the International Monetary Fund were up by $27.8 million to $4.090 billion, while the country's reserve position with the fund also rose by $9.1 million to $1.325 billion, the RBI data showed.