India's foreign exchange reserves soar by $ 3.093 billion to $ 479.568 billion
Business & Economy

India's foreign exchange reserves soar by $ 3.093 billion to $ 479.568 billion

NetIndian News Network

Mumbai, April 24, 2020

Rising for the second consecutive week, India’s foreign exchange reserves soared by $ 3.093 billion to $ 479.568 billion during the week ended April 17, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had risen by $ 1.815 billion to $ 476.475 billion during the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 1.546 billion to $ 441.884 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 increased by $ 1.544 billion to $ 32.679 billion while its special drawing rights (SDRs) went up by $ 3 million to $ 1.427 billion.

India’s reserve position in the International Monetary Fund (IMF) remained unchanged at # 3.578 billion, the bulletin added.

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