Business & Economy

India’s forex reserves soar by $ 1.578 billion to new high of $ 430.376 billion

NetIndian News Network

Mumbai, July 26, 2019

India’s foreign exchange reserves soared by $ 1.578 billion to a new record high of $ 430.376 billion during the week ended July 19, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had fallen by $ 1.113 billion to $ 428.797 billion during the previous week.
In  the week before that, the reserves had risen by $ 2.232 billion to touch the previous record high of $ 429.911 billion.
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 1.393 billion to $ 401.091 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 remained unchanged at $ 24.304 billion, while its special drawing rights (SDR) decreased by $ 3.3 million to $ 1.447 billion.
India’s reserve position in the International Monetary Fund (IMF) rose by $ 188.6 million to $ 3.533 billion, the bulletin added.
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