India's forex reserves rise by $ 3.108 billion to new high of $ 516.362 billion
Business & Economy

India's forex reserves rise by $ 3.108 billion to new high of $ 516.362 billion

NetIndian News Network

Mumbai, July 18, 2020

Maintaining an uptrend for the third consecutive week, India's foreign exchange reserves rose by $ 3.108 billion to a new high of $ 516.362 during the week ended July 10, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had risen by a whopping $ 6.416 billion to $ 513.254 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 $ 2.372 billion to $ 475.635 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 $ 712 million to $ 34.729 billion, while its special drawing rights (SDRs) went up by $ 5 million to $ 1.453 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 19 million to $ 4.545 billion, the bulletin added.

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