Categories: Business

Foreign exchange reserve touches new record high

Photo: PTI (FILE)

Foreign exchange reserve touches new record high

new Delhi. The country's foreign exchange reserves have once again reached new record levels. According to data released by the Reserve Bank, the foreign exchange reserves have increased by $ 3.62 billion to a new record level of $ 538.91 billion for the week ended August 7. It recorded a jump of $ 11.93 billion last week. Foreign exchange reserves crossed the $ 500 billion level for the first time on 5 June. Since then, the constant currency reserves have remained above this level, creating new record levels.

According to the data released by the Reserve Bank, the rise in the currency reserves in the week ending August 7 was due to the rise in foreign currency assets. Foreign currency assets constitute the largest share of the entire currency reserves. Assets rose by $ 1.46 billion to reach the level of $ 492.3 billion during the week. Foreign currency assets appearing in the dollar price also include fluctuations in the prices of non-US currencies such as the euro, pound and yen included in reserves. Gold reserves surged by $ 2.2 billion to $ 39.8 billion during the week. In the international monetary fund, the SDR (special drawing rights) increased by six million dollars to near the level of $ 1.5 billion. However, the country's reserve position in the IMF declined by $ 7 million to $ 4.63 billion.

India's foreign exchange reserves can currently meet the country's import requirements of more than a year. The strong foreign exchange reserves are seen as the strength of the domestic economy amid the Corona crisis.

This post was published on August 15, 2020 1:30 am

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