India’s forex reserves soar by $ 4.607 billion to new high of $ 471.3 billion
Business & Economy

India’s forex reserves soar by $ 4.607 billion to new high of $ 471.3 billion

NetIndian News Network

Mumbai, February 7, 2020

Maintaining an uptrend for the 19th consecutive week, India’s foreign exchange reserves soared by $ 4.607 billion to a new high of $ 471.3 bilion during the week ended January 31, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had jumped by $ 4.535 billion to $ 466.693 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 $ 4.329 billion to $ 437.248 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 $ 282 million to $ 28.997 billion, while its special drawing rights (SDRs) went down by $ 4 million to $ 1.439 billion.

India’s reserve position in the International Monetary Fund (IMF) remained unchanged from the previous week at $ 3.615 billion, the bulletin added.

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