India’s forex reserves rise by $4.24 billion to $485 billion

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May 16, 2020 2:10 AM

India’s foreign exchange reserves rose by $4.235 billion to $485.313 billion, just shy of the previous life-time high of $487 billion, in the week to May 8.

Since end-March, the forex reserves have risen $7.5 billion. The reserves had previously shrunk as the rupee remained volatile.Since end-March, the forex reserves have risen $7.5 billion. The reserves had previously shrunk as the rupee remained volatile.

India’s foreign exchange reserves rose by $4.235 billion to $485.313 billion, just shy of the previous life-time high of $487 billion, in the week to May 8. Since end-March, the forex reserves have risen $7.5 billion. The reserves had previously shrunk as the rupee remained volatile. However, the reserves have grown and are short of the life-time high of $487.24 billion recorded in the week to March 6. During the previous week, the reserves had risen by $1.622 billion.

Compared to the year-ago period, the forex reserves have risen by $65.257 billion. Over the previous week, foreign currency assets (FCA), which form a key component of reserves, rose by $4.233 billion to $447.548 billion.

Movement in the FCA, which are maintained in major currencies like the US dollar, euro, pound sterling and Japanese yen, occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves rose by $13 million to $32.291 billion. Special drawing rights (SDR) from the International Monetary Fund (IMF) fell by $3 million to $1.423 billion. SDR is an international reserve asset created by the IMF and allocated to its members in proportion of their quota. The reserve position in the IMF fell by $8 million to $4.051 billion, according to RBI data.

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