News: Forex Reserves Soar To Record $493 Billion Amid COVID-19

India's Forex Reserves Soar To Record $493 Billion Amid COVID-19 Crisis

The special drawing rights with the International Monetary Fund (IMF) were unchanged at $1.43 billion

Mumbai:

The country’s foreign exchange reserves surged by $3.43 billion to a new all-time high of $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. The reserves – which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic – had risen by $3 billion to an all-time high of $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 $3.50 billion to $455.21 billion, data from the Reserve Bank of India showed.

Expressed in dollar terms, 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 32.68 billion, lower by $97 million compared to the previous week, according to central bank data.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were unchanged at $1.43 billion.

The country’s reserve position with the International Monetary Fund rose by $31 million to $4.16 billion during the reporting week, the data showed.