India’s forex reserves spike by $ 1.701 billion to $ 473.001 billion
Business & Economy

India’s forex reserves spike by $ 1.701 billion to $ 473.001 billion

NetIndian News Network

Mumbai, February 14, 2020

Continuing an uptrend for the 20th consecutive week, India’s foreign exchange reserves spiked by $ 1.701 billion to a new record high of $ 473.0011 billion during the week ended February 7, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had soared by $ 4.607 billion to $ 471.3 billion during the previous week.

In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 1.938 billion to $ 439.186 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 decreased by $ 218 million to $ 28.779 billion, while its special drawing rights (SDRs) went down by $ 2 million to $ 1.436 billion.

India’s reserve position in the International Monetary Fund (IMF) went down by $ 16 million to $ 3.599 billion, the bulletin added.

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