India's forex reserves surge by $ 4.277  billion to new high of $  572.771 billion

India's forex reserves surge by $ 4.277 billion to new high of $ 572.771 billion

Mumbai, November 20, 2020

Continuing an uptrend for the seventh consecutive week, India's foreign exchange reserves surged by $ 4.277 billion to a new high of $ 572.771 billion during the week ended November 13, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 7.779 billion to $ 568.494 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 gone up by $ 5.526 billion to $ 530.268 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 $ 1.233 billion to $ 36.354 billion while its special drawing rights (SDRs) remained unchanged at $ 1.488 billion.

The country's reserve position in the International Monetary Fund (IMF) decreased by $ 15 million to $ 4.661 billion, the bulletin added.

NNN

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