Categories: Business

Forex reserves hit fresh all-time high, touch USD 513.25 bn

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Foreign reserve at record high

new Delhi. The country's foreign exchange reserves reached an all-time high of $ 513.25 billion during the week ended July 3, with a major increase of $ 6.47 billion. This information has been given in the latest data of the Reserve Bank of India. Earlier in the week ended 26 June, the country's foreign exchange reserves had increased by $ 1.27 billion to reach $ 506.84 billion. For the first time in the week ending June 5, the country's foreign exchange reserves had gone above the $ 500 billion level. At that time, reserves had recorded a strong growth of $ 8.22 billion. The rise in foreign currency reserves in the week ended July 3 was attributed to the increase in foreign currency assets, a significant part of the total currency reserves. According to the Reserve Bank data, foreign currency assets increased by $ 5.66 billion to $ 473.26 billion during the week.

According to the Reserve Bank, gold reserves rose by $ 495 million to $ 34.02 billion during the week. Reserve Bank figures show that the special drawing rights in the International Monetary Fund increased by $ 4 million to $ 1.45 billion in the week, while the country's reserve reserves in the IMF increased by $ 259 million to $ 4.52 billion. The strengthening of foreign exchange reserves during economic crisis such as recession brings a lot of relief to the economy. For this reason, the Reserve Bank is constantly engaged in strengthening the money reserves. In the last one year, reserves have increased by about $ 80 billion. At the same time, more than $ 30 billion has been added to the reserves so far this year.

This post was published on July 10, 2020 9:53 pm

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