India's Foreign Exchange Reserves Rise By $4.99 Billion To Reach Record High Of $522.6 Billion

Swarajya Staff

Aug 01, 2020, 10:13 AM | Updated 10:14 AM IST

RBI office in Mumbai. (Aniruddha Chowdhury/Mint via Getty Images)
RBI office in Mumbai. (Aniruddha Chowdhury/Mint via Getty Images)

India's foreign exchange reserves surged by $4.993 billion dollars to reach an all-time high of $522.63 billion in the week ended on 24 July, reports Financial Express.

The positive development comes weeks after the forex reserves had surpassed the historic $500 billion mark for the first time on 5 June. Rising forex reserves serve as a major asset for the nation in these times when the COVID-19 pandemic have gravely hit different sectors of the domestic and the global economies.

In the week ended 24 July, foreign currency assets jumped by $3.602 billion to $480.482 billion, while gold reserves jumped $1.357 billion to $36.1 billion. These two form the biggest part of the overall forex reserves of the nation which are managed by the Reserve Bank of India.

The foreign currency assets comprise of the value of euro, pound and yen currencies held in the reserves and calculated in dollar terms, accounting for any appreciation or depreciation in their value.

Meanwhile, the nation's reserve position with the International Monetary Fund (IMF) also registered a marginal surge of $25 million to $4.585 billion.

The special drawing rights with the International Monetary Fund (IMF) rose $9 million to $1.464 billion.

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