India's forex reserves soar by $ 11.938 billion to new high of $ 534.568 billion

India's forex reserves soar by $ 11.938 billion to new high of $ 534.568 billion

Mumbai, August 7, 2020

Continuing an uptrend for the sixth consecutive week, India's foreign exchange reserves soared by an unprecedented $ 11.938 billion to a new all-time high of $ 534.568 billion during the week ended July 31, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 4.993 billion to $ 522.63 billion in 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 $ 10.347 billion to $ 490.829 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 $ 1.525 billion to $ 37.625 billion, while its special drawing rights (SDRs) went up by $ 12 million to $ 1.475 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 54 million to $ 4.639 billion, the bulletin added.

NNN

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