Connect with us

Business

India’s forex reserves at all-time high of $490 billion

Published

4 months ago

on

 

The country’s foreign exchange reserves swelled by USD 3.005 billion to a lifetime high of USD 490.044 billion in the week ending May 22, mainly on account of a rise in foreign currency assets, RBI data showed on Friday.

In the previous week, the reserves had increased by USD 1.726 billion to USD 487.04 billion.

Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 3.035 billion to USD 451.706 billion in the reporting week, Reserve Bank of India (RBI) data showed.

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.

Gold reserves declined by USD 127 million to USD 32.779 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by USD 8 million to USD 1.432 billion.

The country’s reserve position with the IMF also rose by USD 89 million to USD 4.127 billion during the reporting week, the data showed.

 

Related Topics:

Smith, being a tech freak, manages to write Technology and Science news. He is one of the most experienced guy in the team as he boasts 5+ years of experience in content writing for the web. He never fails to deliver. He is very consistent in what he does. Apart from work, he loves running in the morning to stay fit. He is so much into the fitness that he always encourages everyone in the team for changing their living habits to live a healthier life.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending