India's forex reserves rise by $ 1.726 billion to $ 487.039 billion
Business & Economy

India's forex reserves rise by $ 1.726 billion to $ 487.039 billion

NetIndian News Network

Mumbai, May 22, 2020

Continuing an uptrend for the third consecutive week, India's foreign exchange reserves rose by $ 1.726 billion to $ 487.039 billion during the week ended May 15, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 4.235 billion to $ 485.313 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 $ 1.122 billion to $ 448.67 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 $ 616 million to $ 32.906 billion while its special drawing rights (SDRs) went up by $ 2 million to $ 1.425 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 13 million to $ 4.038 billion, the bulletin added.

NNN

NetIndian
www.netindian.in