India's forex reserves increase by $ 3.615 billion to new high of $ 555.12 billion

India's forex reserves increase by $ 3.615 billion to new high of $ 555.12 billion

Mumbai, October 23, 2020

Continuing an uptrend for the third consecutive week, India's foreign exchange reserves surged by $ 3.615 billion to a new high of $ 555.12 billion during the week ended October 16, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 5.867 billion to $ 551.505 billion in 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 $ 3.539 to $ 512.322 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 $ 86 million to $ 36.685 billion while its special drawing rights (SDRs) remained unchanged at $ 1.48 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 11 million to $ 4.634 billion, the bulletin added.

NNN

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