India's gold reserves rise $1 billion to $37.02 billion

Fri Dec 25 2020

India's gold reserves increased by $1.008 billion to $37.020 billion in the week ended December 18, RBI data showed.

The country's foreign exchange reserves surged by $2.563 billion to touch a record high of $581.131 billion in the week to December 18, the data showed.

In the previous week, the reserves had declined by $778 million to $578.568 billion.

In the reporting week, the increase in reserves was due to a rise in foreign currency assets (FCAs), a major component of the overall reserves.

FCAs rose by $1.382 billion to $537.727 billion, the Reserve Bank of India's (RBI) weekly data showed.

Expressed in dollar terms, the 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.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $12 million to $1.515 billion.

The country's reserve position with the IMF also rose by $160 million to $4.870 billion.

Source: https://www.businesstoday.in/