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The Financial Express

India's forex reserves cross $500b for first time

| Updated: June 16, 2020 13:59:03


India's forex reserves cross $500b for first time

India's foreign exchange (Forex) reserves have crossed the 500 billion US dollars mark for the first time, said the central bank - the Reserve Bank of India's (RBI) latest weekly statistical data.

The Forex reserves registered a massive surge of 8.22 billion US dollars during the week ended June 5, which was mainly attributed to higher foreign inflows.

According to the RBI's weekly statistical data, the overall Forex reserves increased to 501.70 billion US dollars on June 5, from 493.480 billion US dollars as reported for the week ended May 29.

India's Forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

The FCAs, said to be the largest component of the Forex reserves, climbed by 8.42 billion US dollars to 463.63 billion US dollars, as compared to the previous week. Value of the country's gold reserves decreased by 329 million US dollars to 32.35 billion US dollars, as compared to the previous week.

The SDR value rose by 10 million US dollars to 1.44 billion US dollars, as compared to the previous week. The country's reserve position with the IMF increased by 120 million US dollars to 4.28 billion US dollars, as compared to the previous week.

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