India's forex reserves soar past half a trillion dollars for first time with $ 8.223 billion jump
Business & Economy

India's forex reserves soar past half a trillion dollars for first time with $ 8.223 billion jump

NetIndian News Network

Mumbai, June 12, 2020

India's foreign exchange reserves soared past the half-a-trillion-dollars mark for the first time with a record $ 8.223 billion surge in the week ended June 5, the Reserve Bank of India (RBI) said here today.

With this increase, the country's forex reserves have risen to an all-time high of $ 501.73 billion, maintaining an uptrend for the sixth consecutive week.

The foreign exchange reserves had soared by $ 3.436 billion to the previous high of $ 493.48 billion during the preceding 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 $ 8.422 billion to $ 463.63 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 fell by $ 329 million to $ 32.352 billion while its special drawing rights (SDRs) increased by $ 10 million to $ 1.442 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 120 million to $ 4.278 billion, the bulletin added.

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