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.

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