India's forex reserves rise by $ 183 million to new high of $ 560.715 billion

India's forex reserves rise by $ 183 million to new high of $ 560.715 billion

Mumbai, November 6, 2020

Maintaining an uptrend for the fifth consecutive week, India's foreign exchange reserves rose by $ 183 million to a new high of $ 560.715 billion during the week ended October 30, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 5.412 billion to $ 560.532 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 $ 815 million to $ 518.339 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 down by $ 601 million to $ 36.259 billion while its special drawing rights (SDRs) decreased by $ 6 million to $ 1.482 billion.

The country's reserve position in the International Monetary Fund (IMF) fell by $ 25 million to $ 4.636 billion, the bulletin added.

NNN

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