31.8 C
Delhi
Sunday, May 31, 2020

India’s Forex reserve rises to over $420 billion

- Advertisement -

India's Forex reserve rises to over $420 billionIndia’s foreign exchange reserves increased by $1.368 billion during the week ended May 10, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves rose to $420.055 billion from $418.687 billion reported for the week ended May 3.

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).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.358 billion to $392.227 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of the other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves was stagnant at $23.021 billion.

However, the SDR value inched higher by $3 million to $1.454 billion, while the country’s reserve position with the IMF inched up by $7 million to $3.351 billion.

IANS

Follow Us For Latest Updates -

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics

Covid 19 India Updates

SpaceX sends 2 NASA astronauts to ISS in historic mission

Washington, May 31 (IANS) Scripting a historic chapter for the US space programme, Elon Musk-run SpaceX on Saturday sent two NASA astronauts to the...

Trending Right Now

CINTAA appeals to Indian government for industry status

Mumbai, May 31 (IANS) The Cine and TV Artistes'' Association (CINTAA) has appealed to the Indian government for an "industry status".The association, while making...