Business & Economy

India’s forex reserves rise by $ 1.876 billion to $ 413.781 billion

NetIndian News Network

Mumbai, April 12, 2019

Continuing an uptrend for the eighth consecutive week, India’s foreign exchange reserves rose by $ 1.876 billion to $ 413.781 billion during the week ended April 5, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had soared by a whopping $ 5.237 billion to $ 411.905 billion during the previous week.
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 2.062 billion to $ 386.116 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves decreased by $ 182.6 million to # 23.226 billion, while its special drawing rights (SDRs) went down by $ 0.1 million to $ 1.4555 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 2.5 million to $ 2.984 billion, the bulletin added.
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