India's forex reserves rise by $ 2.296 billion to $ 537.548 billion
Business & Economy

India's forex reserves rise by $ 2.296 billion to $ 537.548 billion

NetIndian News Network

Mumbai, August 28, 2020

India's foreign exchange reserves rose by $ 2.296 billion to $ 537.548 billion during the week ended August 21, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had, reversing a seven-week uptrend, dipped by $ 2.939 billion to $ 535.252 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 increased by $ 2.618 billion to $ 494.168 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 $ 331 million to $ 37.264 billion, while its special drawing rights (SDRs) went up by $ 2 million to $ 1.481 billion.

The country's reserve position in the International Monetary Fund (IMF) reduced by $ 6 million to $ 4.634 billion, the bulletin added.

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