India’s Forex Reserves Jump $5.65 Billion To Reach A Figure Of $475.65 Billion

In a vital development, nation's forex reserves surged by $5.65 billion in the week ending 27 March, reports Business Standard.

This may act as a cushion for the Indian economy which is bracing against a nationwide halt of economic activity owing to the 21-days-long lockdown imposed to contain the spread of Novel Coronavirus (COVID-19).

Managed by the Reserve Bank of India (RBI), the Indian forex reserves stood at $475.56 billion, up from the $469.91 billion figure it stood at a week ago. Of this, a major share comprises the foreign exchange reserves which stand at $ 437.10 billion.

Meanwhile, the nation's gold reserves also witnessed a jump, rising from $27.86 billion in the previous week to a figure of $30.89 billion.

It should be noted that the nation's forex reserves have increased by a spectacular $62.69 billion since March 2019, sustaining the momentum achieved in the previous fiscal when the figure had witnessed a jump of $ 63,66 billion.