November 05, 2024 16:15 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Union Minister HD Kumaraswamy booked for threatening cop probing into mining case | Supreme Court upholds validity of Uttar Pradesh Madrasa Education Act | Not all private properties are community resources that govt can take over: Supreme Court | Pakistan's Lahore has become world's most polluted city with an AQI of 1900 on Sunday | Indian Army 'successfully completes' patrolling to a key point in Ladakh's Depsang region
India's foreign exchange reserves soar amid Covid-19 pandemic
Image Credit: Wikimedia Commons

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

| @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.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.