India's forex reserves rise by $ 5.653 billion to $ 475.561 billion
Business & Economy

India's forex reserves rise by $ 5.653 billion to $ 475.561 billion

NetIndian News Network

Mumbai, April 3, 2020

Reversing a two-week downtrend, India’s foreign exchange reserves soared by $ 5.653 billion to $ 475.561 billion during the week ended March 27, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had plunged by a whopping $ 11.983 billion to $ 469.909 billion in the previous week after dipping by $ 5.346 billion to $ 481.892 billion in the week before that.

In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 2.561 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 $ 3.034 billion to $ 30.890 billion while its special drawing rights (SDRs) went up by $ 14 million to $ 1.423 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 44 million to $ 3.586 billion, the bulletin added.

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