August 08, 2020 03:08 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Kashmir: Army soldier slipped to death near LoC in Kupwara | BJP MP Chikhalikar tests positive for Covid-19 | Sushant death probe: Rhea Chakraborty reaches ED office after postponement of summon plea rejected | India reports 62,538 cases, 886 fatalities in past 24 hours | India's COVID-19 cases breach 2 million mark
India's foreign exchange reserves soar amid Covid-19 pandemic
Image Credit: Wikimedia Commons

India's foreign exchange reserves soar amid Covid-19 pandemic

India Blooms News Service | @indiablooms | 05 Jun 2020, 04:33 pm

Mumbai/IBNS: At a time when India is facing a fresh economic challenge triggered by coronavirus pandemic, the Reserve Bank of India said country's foreign exchange reserve has increased by USD 3.43 billion to a new all-time high of $493.48 billion for the week ended May 29 following handsome accumulation of the core currency assets.

Reserves are counted among the key indicators of a country's financial strength.

In the previous week, the reserves had surged by $3 billion to an all-time high of $490.044 billion and in the week ended May 29 foreign currency assets, a major component of the overall reserves, surged by $3.50 billion to $455.21 billion, RBI data revealed, said media reports.

The foreign currency assets reflect the appreciation or depreciation of non-US units like euro, pound and yen held in the foreign exchange reserves.

Further, the RBI data showed decline in gold reserves continued as they slipped to 32.682 billion, down by $97 million as compared with last week.

In the week ended May 29, India's drawing rights with the International Monetary Fund (IMF) remained unchanged at $1.43 billion, while India's reserve position with the IMF also rose to $31 million to $4.16 billion, RBI data showed.