India's forex reserves surge by $ 2.518 billion to new high of $ 575.29 billion
Mumbai, November 27, 2020
Maintaining an uptrend for the eighth consecutive week, India's foreign exchange reserves surged by $ 2.518 billion to a new high $ 575.29 billion during the week ended November 20, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had jumped by $ 4.277 billion to $ 572.771 billion during 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 $ 2,835 billion to $ 533.103 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 down by $ 339 million to $ 36.015 billion while its special drawing rights (SDRs) increased by $ 4 million to $ 1.492 billion.
The country's reserve position in the International Monetary Fund (IMF) rose by $ 19 million to $ 4.68 billion, the bulletin added.