Insta
India’s Foreign Exchange Reserves Rise By $3.09 Billion To Reach All-Time High Of $476 Billion
Swarajya Staff
Feb 22, 2020, 11:26 AM | Updated 11:26 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
India's foreign exchange reserves continued to rise during the week ended 14 February to touch a new record high.
The Reserve Bank of India's reserves rose by $3.091 billion during the week under review, official data showed on Friday (21 January).
According to the RBI's weekly statistical supplement, the overall forex reserves increased to $476.092 billion from $473.94 billion reported for the week ended 7 February, reports Economic Times.
In the previous week, the foreign exchange reserves had increased by $1.701 billion to $473 billion.
India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).
On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.763 billion to $441.949 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.
Similarly, the RBI's weekly data showed that the value of the country's gold reserves rose by $344 million to $29.123 billion.
However, the SDR value inched lower by $6 million to $1.430 billion. The country's reserve position with the IMF also declined by $9 million to $3.590 billion.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.