India's forex reserves soar by $ 4.235 billion to $ 485.313 billion
Business & Economy

India's forex reserves soar by $ 4.235 billion to $ 485.313 billion

NetIndian News Network

Mumbai, May 15, 2020

Maintaining an uptrend for the second consecutive week, India's foreign exchange reserves soared by $ 4.235 billion to $ 485.313 billion during the week ended May 8, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 1.622 billion to $ 481.078 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 $ 4.233 billion to $ 447.548 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 $ 13 million to $ 32.291 billion while its special drawing rights (SDRs) went down by $ 3 million to $ 1.423 billion.

India’s reserve position in the International Monetary Fund (IMF) decreased by $ 8 million to $ 4.051 billion, the bulletin added.

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