Forex reserves up by $29 million to record $476.12 billion

By: |
Published: February 28, 2020 6:43:22 PM

Foreign currency assets, a major component of the overall reserves, fell by USD 490 million to USD 441.458 billion in the reporting week, ending a multi-week surge.

The forex kitty had zoomed by USD 3 billion to USD 476.092 billion in the previous reporting week.The forex kitty had zoomed by USD 3 billion to USD 476.092 billion in the previous reporting week.

India’s foreign exchange reserves inched up by USD 29 million to a fresh lifetime high of USD 476.122 billion in the week to February 21, aided by an increase in the value of gold holdings, Reserve Bank data showed on Friday.

The forex kitty had zoomed by USD 3 billion to USD 476.092 billion in the previous reporting week.

Foreign currency assets, a major component of the overall reserves, fell by USD 490 million to USD 441.458 billion in the reporting week, ending a multi-week surge.

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 value of the gold reserves rose for the second consecutive week, climbing USD 539 million to USD 29.662 billion, the apex bank said.

The special drawing rights with the International Monetary Fund (IMF) dipped by USD 4 million to USD 1.426 billion.

The country’s reserve position with the Fund also declined by USD 15 million to USD 3.575 billion, the data showed.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? 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.

Next Stories
1Economic slowdown: Measures taken by Modi govt will boost growth, says SBI MD Dinesh Khara
2CEA KV Subramanian says this sector needs substantial, structural reforms to make economy bigger
3As economy starts to see green shoots, coronavirus looms as new threat; here’s how it may hit growth