Forex reserves rise by over $1 bn to $487 bn

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SME Times News Bureau | 22 May, 2020
India's foreign exchange reserves rose by $1.726 billion during the week ended May 15, RBI data showed on Friday.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $487.039 billion from $485.313 billion reported for the week ended May 8th.

On Friday, while announcing the repo rate cut, RBI Governor Shaktikanta Das said: "India's foreign exchange reserves have increased by $9.2 billion in 2020-21 so far (up to May 15) to $487 billion - equivalent to a year's imports."

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 $1.122 billion to $448.670 billion.

Similarly, the value of the country's gold reserves increased.

This rose by $616 million to $32.906 billion. The SDR value inched up by $2 million to $1.425 billion.

However, the country's reserve position with the IMF fell by $13 million to $4.038 billion.