India’s Foreign Exchange Reserves Rising Despite Lockdown, Crosses $ 481 Billion

New Delhi. The country’s foreign exchange reserves increased by $ 16.22 million to $ 481.078 billion in the week ended May 1. The reason for this increase is the increase in foreign currency assets. The foreign exchange reserves had decreased by $ 11.3 million to $ 479.455 billion in the previous week.

According to the latest data from the Reserve Bank of India, foreign currency assets (which constitute the largest share of foreign exchange) rose by $ 1.75 billion to reach $ 443.31 billion during the week ended May 1, 2020. Gold reserves declined by $ 62.3 million during the week to $ 32.277 billion. At the same time, India’s special drawing rights with the International Monetary Fund (IMF) increased by $ 5 million to $ 1.426 billion. The country’s reserve position in the IMF also increased by $ 489 million to reach $ 4.059 billion.

The country’s foreign exchange reserves reached an all-time high of $ 487.23 billion in the week ended March 6 this year. The country’s foreign exchange reserves have increased by about $ 62 billion during the financial year 2019-20.