NetIndian
www.netindian.in
India’s forex reserves soar by $ 3.689 billion to record $ 461.157 billion
Business & Economy

India’s forex reserves soar by $ 3.689 billion to record $ 461.157 billion

NetIndian News Network

Mumbai, January 11, 2020

Continuing an uptrend for the 15th consecutive week, India’s foreign exchange reserves soared by $ 3.689 billion to a new high of $ 461.157 billion during the week ended January 4, the Reserve Bank of India (RBI) said here on Friday.

The country’s forex reserves had gone up by $ 2.52 billion to $ 457.468 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 climbed up by $ 3.013 billion to $ 427.949 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 $ 666 million to $ 28.058 billion, while its special drawing rights increased by $ 7 million to $ 1.447 billion.

India’s reserve position in the International Monetary Fund (IMF) went up by $ 3 million to $ 3.703 billion, the bulletin added.

NNN