India's forex reserves surge by $ 4.525 billion to new high  of $ 579.346 billion

India's forex reserves surge by $ 4.525 billion to new high of $ 579.346 billion

Mumbai, December 11, 2020

India's foreign exchange reserves surged by $ 4.525 billion to a new high of $ 579.346 billion during the week ended December 4, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had gone down by $ 469 million to $ 574.821 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 risen by $ 3.932 billion to $ 537.386 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 up by $ 535 million to $ 35.728 billion while its special drawing rights (SDRs) increased by $ 12 million to $ 1.506 billion.

The country's reserve position in the International Monetary Fund (IMF) increased by $ 46 million to $ 4.725 billion, the bulletin added.

NNN

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