India’s forex reserves surge USD 3.09 bn to USD 479.57 bn

PTI, Apr 24, 2020, 7:31 PM IST

Mumbai: The country’s foreign exchange reserves surged by USD 3.09 billion to USD 479.57 billion in the week to April 17, due to an increase in foreign currency assets, according to the latest data from the Reserve Bank of India.

In the previous week, the reserves had increased by USD 1.81 billion to USD 476.47 billion.

The reserves had touched a life-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.

During 2020-21, the country’s foreign exchange reserves had risen by almost USD 62 billion.

In the reporting week ended April 17, foreign currency assets (FCA), a major component of the overall reserves, rose USD 1.55 billion to USD 441.88 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 increased USD 1.54 billion to USD 32.68 billion in the reporting week, the RBI data showed.

Special drawing rights with the International Monetary Fund (IMF) were up by USD 3 million to USD 1.43 billion.

The country’s reserve position with the IMF remained stable at USD 3.58 billion during the reporting, the data showed.