India's forex reserves rise by $ 3.623 billion to new high of $ 538.191 billion
Business & Economy

India's forex reserves rise by $ 3.623 billion to new high of $ 538.191 billion

NetIndian News Network

Mumbai, August 14, 2020

Maintaining an uptrend for the seventh consecutive week, India's foreign exchange reserves rose by $ 3.623 billion to a new high of $ 538.191 billion during the week ended August 7, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by an unprecedented $ 11.938 billion to $ 534.568 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 $ 1.464 billion to $ 492.293 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 $ 2.16 billion to $ 39.785 billion, while its special drawing rights (SDRs) went up by $ 6 million to $ 1.481 billion.

The country's reserve position in the International Monetary Fund (IMF) went down by $ 7 million to $ 4.632 billion, the bulletin added.

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