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India's forex reserves soar by $ 5.867 billion to new high of $ 551.505 billion
Mumbai, October 16, 2020
Maintaining an uptrend for the second consecutive week, India's foreign exchange reserves soared by $ 5.867 billion to a new high of $ 551.505 billion during the week ended October 9, the Reserve Bank of India (RBI) said here today.
The country's foreign exchange reserves had increased by $ 3.618 billion to $ 545.638 billion in 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 $ 5.737 to $ 508.783 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 $ 113 million to $ 36.598 billion while its special drawing rights (SDRs) increased by $ 4 million to $ 1.480 billion.
The country's reserve position in the International Monetary Fund (IMF) rose by $ 13 million to $ 4.644 billion, the bulletin added.