Business & Economy

India’s forex reserves rise by $ 171.9 million to $ 418.687 billion

NetIndian News Network

Mumbai, May 10, 2019

Maintaining an uptrend for the second consecutive week, India’s foreign exchange reserves rose by $ 171.9 million to $ 418.687 billion during the week ended May 3, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had soared by $ 4.368 billion to $ 418.515 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 $ 448.3 million to $ 390.869 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 declined by $ 281.6 million to $ 23.021 billion, while its special drawing rights (SDRs) went up by $ 1.6 million to $ 1.4513 billion.
India’s reserve position in the International Monetary Fund (IMF) increased by $ 3.6 million to $ 3.3446 billion, the bulletin added.

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