India’s forex reserves soar by $ 3.091 billion to new high of $ 476.092 billion
Business & Economy

India’s forex reserves soar by $ 3.091 billion to new high of $ 476.092 billion

NetIndian News Network

Mumbai, February 21, 2020

Maintaining their uptrend for the 21st consecutive week, India’s foreign exchange reserves soared by $ 3.091 billion to a new high of $ 476.092 billion during the week ended February 14, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had spiked by $ 1.701 billion to $ 473.001 billion during the previous.

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 $ 2.763 billion to $ 441.949 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 $ 344 million to $ 29.123 billion, while its special drawing rights (SDRs) went down by $ 6 million to $ 1.43 billion.

India’s reserve position in the International Monetary Fund (IMF) went down by $ 9 million to $ 3.59 billion, the bulletin added.

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