India's forex reserves soar by $ 7.779 billion to new high of $ 568.494 billion

India's forex reserves soar by $ 7.779 billion to new high of $ 568.494 billion

Mumbai, November 13, 2020

Maintaining an uptrend for the sixth consecutive week, India's foreign exchange reserves soared by $ 7.779 billion to a new high of $ 568.494 billion during the week ended November 6, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone up by $ 183 million to $ 560.715 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 $ 6.403 billion to $ 524.742 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 $ 1.328 million to $ 36.259 billion while its special drawing rights (SDRs) increased by $ 7 million to $ 1.488 billion.

The country's reserve position in the International Monetary Fund (IMF) rose by $ 40 million to $ 4.676 billion, the bulletin added.

NNN

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