India’s Forex Reserves Increased by $3 Billion in the previous week

The Reserve Bank of India on Friday announced, the country’s foreign exchange reserves overflowed $3.43 billion to a fresh brand new high of $493.48 billion for the week ended May 29 on a decent accumulation of the key currency assets.

According to the information by RBI, The reserves, which are considered as a core strength of the country as it faces vulnerable economic impact of the COVID-19 pandemic, had shot up by $3 billion to an all-time high of $490.044 billion in the earlier week. During the end week, dated May 29, foreign currency assets, an important component of the total reserves, increased by $3.50 billion to $455.21 billion.

The value in terms of dollars, the foreign currency assets include the consequences of appreciation and depreciation of non-US currencies like the euro, pound and yen held in the foreign exchange reserves. To add further, the central bank also reported a decline in the total value of the gold reserves which were at 32.682 billion, lower by $97 million in comparison with the earlier this previous week.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were without any modifications at $1.43 billion, while India’s reserve position with the International monetary Fund (IMF) also shot up by $31 million to $4.16 billion during the previous week, the data reflected.