Forex reserves surge by $5.69 billion to reach record $487.23 bn

By: |
March 13, 2020 8:00 PM

In the previous week, the foreign exchange reserves had increased by USD 5.419 billion to USD 481.540 billion.

Forex reserves, foreign exchange, International Monetary Fund, foreign currency assets, RBI, Foreign currency assetsThe special drawing rights with the International Monetary Fund (IMF) were up by USD 15 million to USD 1.447 billion.

The country’s foreign exchange surged by USD 5.69 billion to reach an all-time high of USD 487.23 billion in the week to March 6 following an increase in foreign currency assets, according to the RBI data. In the previous week, the foreign exchange reserves had increased by USD 5.419 billion to USD 481.540 billion.

Foreign currency assets, a major component of the overall reserves, rose by USD 5.311 billion to USD 451.135 billion in the reporting week. 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. Gold reserves rose by USD 320 million to USD 31 billion.

The special drawing rights with the International Monetary Fund (IMF) were up by USD 15 million to USD 1.447 billion. The country’s reserve position with the IMF also increased by USD 50 million to USD 3.656 billion, the data showed.

Do you know What is FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1West Bengal FM Amit Mitra writes to Nirmala Sitharaman against privatisation of insurance companies
2RBI MPC meet August 2021: Repo rate cut unlikely; inflation, global commodity prices weigh
3India’s manufacturing sector sees strongest rate of growth in three months in July