India's forex reserves rise by $ 4.993 billion to new high of $ 522.63 billion
Business & Economy

India's forex reserves rise by $ 4.993 billion to new high of $ 522.63 billion

NetIndian News Network

Mumbai, July 31, 2020

Maintaining an uptrend for the fifth consecutive week, India's foreign exchange reserves soared by $ 4.993 billion to a new high of $ 522.63 billion during the week ended July 24, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had risen by $ 1.275 billion to $ 517.637 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 $ 3.602 billion to $ 480.482 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 $ 1.357 billion to $ 36.1 billion, while its special drawing rights (SDRs) went up by $ 9 million to $ 1.464 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 25 million to $ 4.585 billion, the bulletin added.

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