Forex reserves at lifetime high of $466.69 b

PTI Mumbai | Updated on January 31, 2020

India’s foreign exchange reserves reached a lifetime high of $466.693 billion after a massive $4.535-billion spike in the week to January 24, according to the Reserve Bank of India data. In the previous week, reserves had increased by $943 million to $462.16 billion.

In the reporting week, the increase in reserves was mainly due to a rise in foreign currency assets, a major component of the overall reserves, which rose by $4.470 billion to $432.919 billion, the RBI data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in the foreign exchange reserves.

In the reporting week, gold reserves increased by $153 million to $28.715 billion.

The country’s reserve position with the International Monetary Fund declined by $85 million to $3.615 billion, the data showed.

Published on January 31, 2020

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