Foreign exchange reserves surge by over 3 billion dollars
Amid covid19, Country’s foreign exchange reserves surged by USD 3.09 billion to USD 479.57 billion in the week to April 17 due to an increase in foreign currency assets.
According to the latest data from the Reserve Bank of India, in the reporting week ended April 17, foreign currency assets (FCA), a major component of the overall reserves, rose USD 1.55 billion to USD 441.88 billion. The RBI data showed that gold reserves increased USD 1.54 billion to USD 32.68 billion in the reporting week. While, special drawing rights with the International Monetary Fund,IMF were up by USD 3 million to USD 1.43 billion. The country’s reserve position with the IMF remained stable at USD 3.58 billion during the reporting.