India’s Forex Reserve Swells By $ 5 Billion To $412 Billion
New Delhi: The dollar-rupee swap conducted by the Reserve Bank of India (RBI) last week helped the country’s foreign exchange reserves to swell by $5.237 billion to $411.905 billion on March 29, RBI data showed Friday.
In the previous week, the reserves had increased by $1.029 billion to $406.667 billion.
Foreign currency assets, a major component of the overall reserves, swelled by $5.248 billion to $384.053 billion in the reporting week.
The forex reserves had touched a life-time high of $426.028 billion in the week to April 13, 2018. Since then, it has been on a slide and is now down by around $14 billion.
Gold reserves remained unchanged at $23.408 billion in the reporting week, according to data from the RBI.
The special drawing rights with the International Monetary Fund (IMF) dipped by $3.6 million to $1.456 billion, which prompted a decrease in the country’s reserve position by $7.4 million to $2.986 billion.