India's forex reserves rise by $ 1.622 billion to $ 481.078 billion
Business & Economy

India's forex reserves rise by $ 1.622 billion to $ 481.078 billion

NetIndian News Network

Mumbai, May 8, 2020

India’s foreign exchange reserves rose by $ 1.622 billion to $ 481.078 billion during the week ended May 1, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had fallen by $ 113 million to $ 479.455 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 $ 1.752 billion to $443.316 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 decreased by $ 623 million to $ 32.277 billion while its special drawing rights (SDRs) went up by $ 5 million to $ 1.426 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 489 million to $ 4.059 billion, the bulletin added.

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