Forex

Forex reserves swell by $ 1.8 bn to $ 421.8 bn

PTI Mumbai | Updated on June 07, 2019 Published on June 07, 2019

The country’s foreign exchange reserves increased by $ 1.875 billion to $ 421.867 billion in the week to May 31, Reserve Bank data showed on Friday.

In the previous week, the reserves had risen by $ 1.99 billion to $ 419.99 billion. In the reporting week, foreign currency assets, which is a major component of the overall reserves, rose by $ 1.946 billion to $ 394.134 billion.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves. Forex reserves had touched a record high of $ 426.028 billion in the week to April 13, 2018.

After remaining stable for past few weeks, gold reserves declined by $ 62.9 million to $ 22.958 billion, according to the RBI data. The special drawing rights with the International Monetary Fund fell by $ 2.3 million to $ 1.443 billion. The country’s reserve position with the fund also declined by $ 5.3 million to $ 3.331 billion.

Published on June 07, 2019
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