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India’s Forex Reserves Continue To Surge, Hit All-Time High Of $439.71 Billion
The Reserve Bank of India (Credits: Times of India)
In a sign of the economy getting back in shape enthused by a slew of reforms announced by the Union Minister for Finance Nirmala Sitharaman in the recent past, the country's forex reserves continue to surge and hit an all-time peak value of $439.71 billion, reports Financial Express.
It should be noted that the new high of $439.71 billion tops the previous best value of reserves which was achieved just last week when the forex war chest had soared by $4.24 billion to $437.83 billion.
Of the forex reserves, the currency assets soared the most, registering a rise of $2.26 billion to $407.88 billion. This includes the currencies held by the Reserve Bank of India in euro, pound and yen denominations.
Adding to the ride, the country's reserve position with the International Monetary Fund (IMF) also increased by $7 million to USD 3.623 billion. Meanwhile, the gold reserves of the nation dipped by $399 million to $26.778 billion.
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