India's forex reserves soar by $ 5.412 billion to new high of $ 560.532 billion

India's forex reserves soar by $ 5.412 billion to new high of $ 560.532 billion

Mumbai, October 30, 2020

Maintaining an uptrend for the fourth consecutive week, India's foreign exchange reserves soared by $ 5.412 billion to a new high of $ 560.532 billion during the week ended October 23, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had surged by $ 3.615 billion to $ 555.12 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 $ 5.202 billion to $ 517.524 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 went up by $ 175 million to $ 36.860 billion while its special drawing rights (SDRs) went up by $ 8 million to $ 1.487 billion.

The country's reserve position in the International Monetary Fund (IMF) increased by $ 27 million to $ 4.661 billion, the bulletin added.

NNN

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