India's forex reserves soar by $ 6.416 billion to $ 513.254 billion
Business & Economy

India's forex reserves soar by $ 6.416 billion to $ 513.254 billion

NetIndian News Network

Mumbai, July 10, 2020

Maintaining an uptrend for the second consecutive week, India's foreign exchange reserves soared by a whopping $ 6.416 billion to an all-time high of $ 513.254 billion during the week ended July 3, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 1.272 billion to $ 506.838 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 $ 5.659 billion to $ 473.263 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 $ 495 million to $ 34.017 billion, while its special drawing rights (SDRs) went up by $ 4 million to $ 1.448 billion.

The country's reserve position in the International Monetary Fund (IMF) went up by $ 259 million to $ 4.526 billion, the bulletin added.

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