India's forex reserves surge by $ 5.697 billion to $ 487.237 billion
Business & Economy

India's forex reserves surge by $ 5.697 billion to $ 487.237 billion

NetIndian News Network

Mumbai, March 13, 2020

Maintaining an uptrend for the 24th consecutive week, India's foreign exchange reserves surged by a whopping $ 5.697 billion to a new high of $ 487.54 billion during the week ended March 6, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared by $ 5.419 billion to $ 481.54 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 $ 5.311 billion to $ 451.135 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 $ 320 million to $ 31 billion, while its special drawing rights (SDRs) went up by $ 15 million to $ 1.447 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 50 million to $ 3.656 billion, the bulletin added.

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