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India's forex reserves surge to all-time high of $493.48 billion

Published : Friday, 5 June, 2020 at 11:15 PM  Count : 262
Observer Online News Desk

India's forex reserves surge to all-time high of $493.48 billion

India's forex reserves surge to all-time high of $493.48 billion


India's foreign exchange reserves surged US$3.43 billion to a fresh all-time high of US$493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said on Friday, reports PTI.

The reserves, which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic, had risen by US$3 billion to an all-time high of US$490.044 billion in the previous week.

During the week ended May 29, foreign currency assets, a major component of the overall reserves, increased by US$3.50 billion to US$455.21 billion, data from the RBI showed.

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.

Total value of the gold reserves continued to decline and were at US$32.682 billion, lower by US$97 million as compared with the previous week, the central bank said.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were unchanged at US$1.43 billion, while India’s reserve position with the IMF also rose by US$31 million to US$4.16 billion during the reporting week, the data showed.

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