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India's forex reserves up by $1.27 billion to $506.84 billion

Date: 04-07-2020
Subject: India's forex reserves up by $1.27 billion to $506.84 billion
After falling in the previous week, the country's foreign exchange reserves rose $1.27 billion to $506.84 billion in the week ended June 26, according to the latest data from the RBI. In the previous week ended June 19, the reserves had dipped by $2.08 billion to $505.57 billion.

The reserves had crossed the half-a-trillion dollar mark for the first time in the week ended June 5 after it had surged by a massive $8.22 billion and reached $501.70 billion. It had touched a life-time high of $507.64 billion in the week ended June 12.

In the week ended June 26, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA rose by $565 million to $467.60 billion in the reporting week, the RBI data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves in the reporting week increased by $707 million to $33.52 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) was reduced by $3 million to $1.44 billion.

The country's reserve position with the IMF rose by $3 million to $4.27 billion during the reporting week, the data showed.

Source:- moneycontrol.com

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