India's forex reserves surge by $ 5.942 billion to new high of $ 507.644 billion
Business & Economy

India's forex reserves surge by $ 5.942 billion to new high of $ 507.644 billion

NetIndian News Network

Mumbai, June 19, 2020

Continuing an uptrend for the seventh consecutive week, India's foreign exchange reserves surged by $ 5.942 billion to reach a new all-time high of $ 507.644 billion during the week ended June 12, 2020, the Reserve Bank of India (RBI) said here today.

The country's forex reserves had soared past the half-a-trillion-dollars mark for the first time with a record $ 8.223 billion surge in 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 $ 5.106 billion to $ 468.737 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 $ 821 million to $ 33.173 billion while its special drawing rights (SDRs) increased by $ 12 million to $ 1.454 billion.

India’s reserve position in the International Monetary Fund (IMF) increased by $ 3 million to $ 4.28 billion, the bulletin added.

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