India's forex reserves soar amid COVID-19 crisis

June 05, 2020 19:53

The country's foreign exchange reserves surged by $3.43 billion to a new all-time high of $493.48 billion for the week ended May 29 on a handsome accretion of the core currency assets, the Reserve Bank of India said on Friday. The reserves - which are counted as a key strength as the country faces the economic impact of the COVID-19 pandemic - had risen by $3 billion to an all-time high of $490.044 billion in the previous week.

During the week ended May 29, foreign currency assets - a major component of the overall reserves - increased by $3.50 billion to $455.21 billion, data from the Reserve Bank of India showed.

Expressed in dollar terms, 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.

Total value of the gold reserves continued to decline and were at 32.68 billion, lower by $97 million compared to the previous week, according to central bank data.

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