India's forex reserves go up by $ 582 million to $ 542.013 billion
Business & Economy

India's forex reserves go up by $ 582 million to $ 542.013 billion

NetIndian News Network

Mumbai, September 11, 2020

Maintaining an uptrend for the third consecutive week, India's foreign exchange reserves rose by $ 582 million to $ 542.013 billion during the week ended September 4, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 3.925 billion to $ 541.431 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 increased by $ 269 million to $ 498.362 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 $ 321 million to $ 37.521 billion, while its special drawing rights (SDRs) increased by $ 2 million to $ 1.482 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 9 million to $ 4.647 billion, the bulletin added.

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