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Forex reserves soar $2.3 bn to touch all-time high of $453 bn.


Date: 14-12-2019
Subject: Forex reserves soar $2.3 bn to touch all-time high of $453 bn
The country's foreign exchange reserves surged by $2.342 billion to touch a life-time high of $453.422 billion in the week to December 6, according to the RBI data. In the previous week, the reserves had increased by $2.484 billion to $451.08 billion, the weekly data released by the Reserve Bank on Friday showed.

In the reporting week, the rise in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which surged by $1.891 billion to $421.258 billion, according to the data.

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

During the reporting week, gold reserves increased by $430 million to $27.078 billion.

The special drawing rights with the International Monetary Fund was by $5 million to $1.441 billion during the week.

The country's reserve position with the International Monetary Fund also increased by $15 million to $3.644 billion, the data showed.

Source: moneycontrol.com

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