India’s forex reserves jump $8.22 billion; cross half-a-trillion mark for first time

By: |
June 12, 2020 6:17 PM

In the week ended June 5, FCA, which is a major component of the overall reserves, rose USD 8.42 billion to USD 463.63 billion.

In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion.In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion.

The country’s foreign exchange reserves crossed the half-a-trillion mark for the first time after it surged by massive USD 8.22 billion in the week ended June 5, according to the latest data from the RBI.

The reserves rose to USD 501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA).

In the previous week ended May 29, the reserves had increased by USD 3.44 billion to USD 493.48 billion.

In the week ended June 5, FCA, which is a major component of the overall reserves, rose USD 8.42 billion to USD 463.63 billion.

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 gold reserves declined by USD 329 million to USD 32.352 billion in the reporting week, the Reserve Bank of India (RBI) data showed.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were up by USD 10 million to USD 1.44 billion.

The country’s reserve position with the IMF also rose USD 120 million to USD 4.28 billion during the reporting week, the data showed.

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