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India's Forex Reserves Surges By $3.09 Billion

By Staff

India's foreign exchange reserves surged by $3.09 billion to $479.57 billion in the week to 17 April, due to increase in foreign currency assets as per latest data from the Reserve Bank of India (RBI). In the previous week, the reserves had increased by $1.81 billion to $476.47 billion.

India's Forex Reserves Surges By $3.09 Billion

The reserves had touched a life-time high of $487.23 billion in the week to 6 March after it rose by $5.69 billion.

In the reporting week ended 17 April, foreign currency assets (FCA), a major component of the overall reserves, rose $1.55 billion to $441.88 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves rose $1.54 billion to $32.68 billion in the reporting week, according to RBI data.

Special drawing rights with the International Monetary Fund (IMF) were up by $3 million to $1.43 billion.

The country's reserve position with the IMF remained stable at $3.58 billion during the reporting, the data showed.

Read more about: forex coronavirus
Story first published: Saturday, April 25, 2020, 8:23 [IST]
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