Categories: Business

India foreign reserve rise by $ 11.9 billion to over $ 534 billion in July 31

Photo: GOOGLE

India foreign reserve at record high

new Delhi. The country's foreign exchange reserves reached an all-time high of $ 534.57 billion during the week ended July 31, with a strong increase of $ 11.94 billion. This information was given in the latest data of the Reserve Bank of India on Friday. Announcing the monetary policy on Thursday, Reserve Bank of India Governor Shaktikanta Das said that foreign exchange reserves of $ 534.6 billion are equivalent to 13.4 months of import expenditure. He said that in the financial year 2020-21 so far (till July 31), there has been an increase of $ 56.8 billion in the currency reserves. The foreign exchange reserves had increased by $ 4.993 billion to $ 522.630 billion for the week ended 24 July. Earlier, for the first time in the week ended June 5, the country's foreign exchange reserves had gone above the $ 500 billion level. The reason for the increase in the country's foreign exchange reserves is the increase in foreign currency assets (FCA) in the week ending 31 July, which forms a significant part of the total reserves.

According to Reserve Bank data, foreign currency assets increased by $ 10.35 billion to $ 490.83 billion in the week. According to the Reserve Bank, gold reserves rose by $ 1.53 billion to $ 37.63 billion in the week. Reserve Bank data showed that the special drawing rights in the International Monetary Fund increased by $ 12 million to $ 1.48 billion in the week under review, while the country's reserve reserves in the IMF increased by $ 54 million to $ 4.64 billion.

This post was published on August 8, 2020 12:08 am

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