New Delhi India’s foreign exchange reserves have risen to an all-time high. The country’s foreign exchange reserves have increased by $ 3.43 billion to a new high of $ 493.48 billion in the week ended May 29 due to good growth of key currency assets. The Reserve Bank of India has given this information on Friday.
Foreign exchange reserves have emerged as a major strong aspect for the country struggling with the effects of the corona virus on the economy. The country’s foreign exchange reserves had risen by $ 3 billion to $ 490.044 billion in the previous week, the highest level at that time.
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According to data released by the RBI, foreign currency assets, a key component in the overall reserves, increased by $ 3.50 billion during the week ended May 29 and reached $ 455.21 billion. The central bank reported that the total value of gold reserves has been steadily decreasing and decreased by 97 million to $ 32.682 billion from a week earlier.
The Special Drawing Rights with the International Monetary Fund (IMF) remained unchanged at $ 1.43 billion for the week ended 29 May, while India’s reserve position with the IMF increased by $ 31 million to $ 4.16 billion during the week.
