India's forex reserves rise by $ 1.272 billion to $ 506.838 billion
Business & Economy

India's forex reserves rise by $ 1.272 billion to $ 506.838 billion

NetIndian News Network

Mumbai, July 3, 2020

India's foreign exchange reserves rose by $ 1.272 billion to $ 506.838 billion during the week ended June 26, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had last week, reversing a seven-week uptrend, dipped by $ 2.078 billion to $ 505.566 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 $ 565 million to $ 467.603 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 $ 707 million to $ 33.523 billion, while its special drawing rights (SDRs) reduced by $ 3 million to $ 1.444 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 3 million to $ 4.267 billion, the bulletin added.

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