India’s forex reserves soar by $ 2.52 billion to $ 457.468 billion
Business & Economy

India’s forex reserves soar by $ 2.52 billion to $ 457.468 billion

NetIndian News Network

Mumbai, January 4, 2020

Maintaining an uptrend for the 14 th consecutive week, India’s foreign exchange reserves soared by $ 2.52 billion to a new high of $ 457.468 billion during the week ended December 27, 2019, the Reserve Bank of India (RBI) said here on Friday.

The country’s forex reserves had gone up by $ 2.342 billion to $ 453.422 billion during the previous week.

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 increased by $ 2.203 billion to $ 424.936 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 rose by $ 260 million to $ 27.392 billion, while its special drawing rights decreased by $ 2 million to $ 1.441 billion.

India’s reserve position in the International Monetary Fund (IMF) went up by $ 58 million to $ 3.7 billion, the bulletin added.

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