India's forex reserves soar by $ 4.852 billion to new high of $ 590.185 billion

India's forex reserves soar by $ 4.852 billion to new high of $ 590.185 billion

Mumbai, February 5, 2021

Going up for the second consecutive week, India's foreign exchange reserves soared by $ 4.852 billion to a new high of $ 590.185 billion during the week ended January 29, the Reserve Bank of India (RBI) said here today.

The country's India's foreign exchange had risen by $ 1.091 billion to $ 585.334 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 surged by $ 5.026 billion to $ 547.218 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 reduced by $ 164 million to $ 36.29 billion, while its special drawing rights went down by $ 4 million to $ 1.508 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 6 million to $ 5.165 billion, the bulletin added.

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