India’s forex reserves surge to all-time high of $493.48 billion


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(Representative image)

MUMBAI: The country’s foreign exchange reserves surged $3.43 billion to a fresh all-time high of $493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India (RBI) said on Friday.
The reserves, which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic, had risen by $3 billion to an all-time high of $490.044 billion in the previous week.
During the week ended May 29, foreign currency assets, a major component of the overall reserves, increased by $3.50 billion to $455.21 billion, data from the RBI showed.
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.
Total value of the gold reserves continued to decline and were at $32.682 billion, lower by $97 million as compared with the previous week, the central bank said.
In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were unchanged at $1.43 billion, while India’s reserve position with the IMF also rose by $31 million to $4.16 billion during the reporting week, the data showed.



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