India’s forex reserves rise by USD 1.657 bn, reach 9-month high
India's forex reserves rise by USD 1.657 bn, reach 9-month high
India’s foreign exchange reserves went up by USD 1.657 billion to USD 586.412 billion, according to the data available with the RBI. The country’s forex reserves gained for a second consecutive week and witnessed a level not seen in more than nine months.
Last week, the overall reserves surged by USD 6.306 billion to USD 584.755 billion.In dollar terms, the foreign currency assets included the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
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According to the weekly statistical supplement of Reserve Bank of India (RBI) released on Friday evening, gold reserves of the country declined by USD 521 million to USD 46.125 billion. The Special Drawing Rights (SDRs) were down by USD 38 million to USD 18.412 billion.
According to statistics from the apex bank, the nation’s reserve position with the IMF grew by USD 12 million to USD 5.19 billion during the reporting week.
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