India’s forex reserves soar by $ 4.535 billion to new high of $ 466.693 billion

Mumbai, January 31, 2020

Continuing their uptrend for the 18th consecutive week, India’s foreign exchange reserves soared by $ 4.535 billion to a new high of $ 466.693 billion during the week ended January 24, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had gone up by $ 943 million to $ 462.157 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 gone up by $ 4.470 billion to $ 4.432.919 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 $ 153 million to $ 28.715 billion, while its special drawing rights went down by $ 3 million to $ 1.443 billion.

India’s reserve position in the International Monetary Fund (IMF) fell by $ 85 million to $ 3.615 billion, the bulletin added.

NNN