India’s forex reserves up USD 1.62 mn at USD 481.08 bn

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India’s foreign exchange reserves increased by USD 1.622 million to USD 481.078 billion in the week to May 1, due to a rise in the foreign currency assets, according to RBI data.

In the previous week, the reserves had declined by USD 113 million to USD 479.455 billion.

The forex reserves had touched a life-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.

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During FY20, the country’s foreign exchange reserves had risen by almost USD 62 billion.

In the reporting week ended May 1, 2020, the foreign currency assets (FCA), a major component of the overall reserves, rose by USD 1.752 billion to USD 443.316 billion.

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.

The gold reserves declined by USD 623 million to USD 32.277 billion in the reporting week, the Reserve Bank data showed.

The special drawing rights with the International Monetary Fund (IMF) increased by USD 5 million to USD 1.426 billion.

The country’s reserve position with the IMF also rose by USD 489 million to USD 4.059 billion during the reporting week, the data showed.

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