India's forex reserves soar by $ 3.436 billion to all-time high of $ 493.48 billion
Business & Economy

India's forex reserves soar by $ 3.436 billion to all-time high of $ 493.48 billion

NetIndian News Network

Mumbai, June 5, 2020

Maintaining an uptrend for the fifth consecutive week, India's foreign exchange reserves soared by $ 3.436 billion to an all-time high of $ 493.48 billion during the week ended May 29, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 3.005 billion to $ 490.044 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 $ 3.503 billion to $ 455.208 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 fell by $ 97 million to $ 32.682 billion while its special drawing rights (SDRs) remained unchanged at $ 1.432 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 31 million to $ 4.158 billion, the bulletin added.

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