India's forex reserves surge by $ 5.419 billion to new high of $ 481.54 billion
Business & Economy

India's forex reserves surge by $ 5.419 billion to new high of $ 481.54 billion

NetIndian News Network

Mumbai, March 6, 2020

Continuing an uptrend for the 23rd consecutive week, India’s foreign exchange reserves soared by $ 5.419 billion to a new record high of $ 481.54 billion during the week ended February 28, the Reserve Bank of India (RBI) said here today.

The country’s forex reserves had increased by $ 29 million to $ 476.122 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 $ 4.365 billion to $ 445.823 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 rose by $ 1.018 billion to $ 30.68 billion, while its special drawing rights (SDRs) went up by $ 5 million to $ 1.432 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 31 million to $ 3.606 billion, the bulletin added.

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