India’s forex reserves jump $8.22 billion; cross half-a-trillion mark for the first time

NEW DELHIUpdated: Jun 12, 2020, 08:21 PM IST

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Forex reserves surged by massive $8.22 billion in the week ended June 5.

The country's foreign exchange reserves crossed the half-a-trillion mark for the first time after it surged by massive $8.22 billion in the week ended June 5, according to the latest data from the Reserve Bank of India (RBI). 

The reserves rose to $501.70 billion in the reporting week helped by a whopping rise in foreign currency assets (FCA). In the previous week ended May 29, the reserves had increased by $3.44 billion to $493.48 billion. 

In the week ended June 5, FCA, which is a major component of the overall reserves, rose $8.42 billion to $463.63 billion. 

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 declined by $329 million to $32.352 billion in the reporting week, the RBI data showed.

In the reporting week, the special drawing rights with the International Monetary Fund (IMF) were up by $10 million to $1.44 billion. 

The country's reserve position with the IMF also rose $120 million to $4.28 billion during the reporting week, the data showed.