India's forex reserves surge  by $ 2.563 billion to new high of $ 581.131 billion

India's forex reserves surge by $ 2.563 billion to new high of $ 581.131 billion

Mumbai, December 25, 2020

India's foreign exchange reserves surged by $ 2.563 billion to a new high of $ 581.131 billion during the week ended December 18, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had dipped by $778 million to $ 578.568 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 risen by $ 1.382 billion to $ 537.727 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 went up by $ 1.008 billion to $ 37.020 billion while its special drawing rights (SDRs) increased by $ 12 million to $ 1.515 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 160 million to $ 4.870 billion, the bulletin added.

NNN

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