India’s forex reserves soar by $ 932.4 million

Rising for the second consecutive week, India’s Foreign Exchange Reserves soared by 932.4 million dollars to 360.775 billion dollars in the week ended January 20.

In its weekly statistical supplement, Reserve Bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by 926.4 million dollars to 338.434 billion dollars during the week. Country’s forex reserves had increased by 687.9 million dollars to 359.843 billion dollars in the previous week.

The RBI said that country’s gold reserves remained unchanged at 18.584 billion dollars during the week, while its special drawing rights (SDRs) went up by 2.3 million dollars to 1.442 billion dollars. It also stated that India’s reserve position in the International Monetary Fund (IMF) increased by 3.7 million dolars to 2.315 billion dollars during the week.

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