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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.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 14 Jul, 2020 |
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