India's forex reserves rise by $ 3.005 billion to $ 490.044 billion
Business & Economy

India's forex reserves rise by $ 3.005 billion to $ 490.044 billion

NetIndian News Network

Mumbai, May 29, 2020

Continuing an uptrend for the fourth consecutive week, India's foreign exchange reserves soared by $ 3.005 billion to $ 490.044 billion during the week ended May 22, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 1.726 billion to $ 487.039 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 $ 3.035 billion to $ 451.706 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 fell by $ 127 million to $ 32.779 billion while its special drawing rights (SDRs) went up by $ 8 million to $ 1.432 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 89 million to $ 4.127 billion, the bulletin added.

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