India's foreign exchange reserve surge to all time high of 534.568 billion dollars

India's foreign exchange reserves have surged by a massive 11.938 billion dollars to reach a new all-time high of 534.568 billion dollars in the week ended 31st July 2020. Foreign currency assets, a major part of the overall reserves, increased by 10.347 billion dollars to 490.829 billion dollars. In the previous week, the reserves had swelled by 4.993 billion dollars to end at 522.630 billion dollars.

 

Reserve Bank of India Governor Shaktikanta Das has said that the reserves are



equivalent to 13.4 months of imports. He added that the reserves have risen by 56.8 billion dollars in this fiscal so far. Gold reserves also went up by 1.525 billion dollars to end at 37.625 billion dollars. 

India's special drawing rights with the International Monetary Fund inched higher by 12 million dollars to reach 1.475 billion dollars, while the country's reserve position also went up by 54 million dollars to 4.639 billion dollars.