India’s forex reserves up by USD 1.99 billion to USD 419.99 billion

By: |
Published: May 31, 2019 7:35:38 PM

The special drawing rights with the International Monetary Fund increased USD 0.8 million to USD 1.445 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the reserves.

India’s forex reserves increased by USD 1.994 billion to USD 419.992 billion for the week ended May 24 on swelling up of the core currency assets, the Reserve Bank said Friday. The overall reserves had declined by USD 2.05 billion to USD 417.99 billion in the previous reporting week. The reserves had touched an all-time high of USD 426 billion in April 2018.

In the reporting week, foreign currency assets, which are a major component of the overall reserves increased USD 1.991 billion to USD 392.188 billion, the apex bank said. Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the reserves.

Gold reserves remained unchanged at USD 23.021 billion, according to the data. The special drawing rights with the International Monetary Fund increased USD 0.8 million to USD 1.445 billion. The country’s reserve position with the fund also increased USD 2 million to USD 3.336 billion.

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.

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

Next Stories
1Wall Street’s rally accelerates after excellent US job market report
2RBI Governor for going full throttle to ease financing conditions for reviving economy: MPC minutes
3India’s forex reserves surge to all-time high of $493.48 billion