Categories: Business

Forex reserve climb to record $ 516 billion


Forex reserve at record high

new Delhi. The country's foreign exchange reserves rose by $ 3.108 billion in the week ended July 10, reaching a new record level of $ 516.362 billion. Earlier, the currency reserves had increased by $ 6.416 billion to $ 513.54 billion for the week ended July 3. The country's foreign exchange reserves crossed $ 500 billion for the first time in the week ended June 5. At that time it had increased by $ 8.223 billion to reach $ 501.703 billion. The increase in foreign currency reserves in the week ending July 10 is attributed to the increase in foreign currency assets (FCA). It has the largest share of total reserves. Foreign currency assets grew by $ 2.372 billion to $ 475.635 billion in the week, according to the Reserve Bank data.

According to the central bank, gold reserves during the period increased by $ 71.2 million to $ 34.729 billion. The International Monetary Fund's Special Drawing Rights (SDR) increased by $ 5 million to $ 1.453 billion. The country's reserves with the International Monetary Fund also increased by $ 19 million to $ 4.545 billion in the week. The strengthening of foreign exchange reserves is a strong signal for economies like India. At present, the amount of reserves that India has is enough for an import bill of more than a year.

This post was published on July 17, 2020 9:40 pm

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