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India's forex reserves rise by over $3 bn

  •   Sat, May 30 2020 11:02:31 AM

Mumbai, May 30 (IANS): India's foreign exchange reserves rose by over $3 billion during the week ended May 22.

According to the RBI's weekly statistical supplement, the overall forex reserves increased to $490.044 billion from $487.039 billion reported for the week ended May 15.

India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.035 billion to $451.706 billion.

However, the value of the country's gold reserves decreased by $127 million to $32.779 billion.

Besides, the SDR value inched up by $8 million to $1.432 billion.

The country's reserve position with the IMF increased by $89 million to $4.12 billion.
  

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Comment on this article

  • Prasanna, Gaziabad

    Sat, May 30 2020

    Forex reserves are cash and other reserve assets held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and to maintain confidence in financial markets. High forex reserves is always a good sign what ever the reason may be.

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  • AM, Mangalore

    Sat, May 30 2020

    When Corona crisis is over then again the demand for crude oil will increase and Govt has to pay in dollars. And in future foreign remittances will be reduced as more people will lose jobs in gulf and other parts of the world. Govt should keep the reserve for future expenditure and import payments

    DisAgree [2] Agree [6] Reply Report Abuse

  • Shankar, Mangaluru

    Sat, May 30 2020

    Anyways, good news on the 1st year of Modi 2.0

    DisAgree [10] Agree [7] Reply Report Abuse

  • Satya, Mangalore

    Sat, May 30 2020

    My friend, don't get too excited, before knowing the reasons for this increase. Most of it has come from the Middle East where hundreds of people have lost their jobs due to the Covid 19 virus and people who are moving back for good are closing down their bank accounts in the Gulf countries and sending back what is left. Bhakts have a strange logic of distorting things without knowing the truth.

    DisAgree [5] Agree [10] Reply Report Abuse

  • Kumar, Kaup

    Sat, May 30 2020

    still hanging

    DisAgree Agree [1] Reply Report Abuse

  • Anil Wilson ROdrigues, Kuala Lumpur,

    Sat, May 30 2020

    Mr. Shanker. this good news if doe short term. The main reason for this. is : Reduction in crud oil import ( there is a low domestic consumption ) .

    DisAgree [1] Agree [4] Reply Report Abuse

  • Rathan, Mangalore

    Sat, May 30 2020

    Where r those ppl who were blaming Govt that no FDI or FR and Dollar will touch 100 rupee. Right from 2014 such ppl were againstMODI/BJP/HINDU / INDIA and were critical of particularly after 2019 and Covid 19.
    I stead of blaming Govt let the oppostion give a constructive oppostion to MODI do that INDIA come out of all the temporary set back which the whole world is facing

    DisAgree [15] Agree [4] Reply Report Abuse

  • Deshbhakt, Mangalore

    Sat, May 30 2020

    Isn't the ruling party as well as you not ashamed to seek cooperation from the opposition ? You guys left no chance to abuse the previous government, even abused it's schemes while utilising same schemes like MNAREGA.

    Go drown yourself instead of seeking the support now, when you have realised that you are neck deep in shit.

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  • Deshbhakt, Mangalore

    Sat, May 30 2020

    Excuse me ??? Are you thinking that this an asset of Indian government ?

    Hello !! First study about how it is accumulated.

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  • Mangalurian, Mangaluru

    Sat, May 30 2020

    Forex reserve in not an asset of the Government.

    It is a liability.

    It is made up of the money brought in from other countries by individuals and businesses. That money is owned by them.

    Its only value is when the Government needs to make payments in foreign currency.

    DisAgree [3] Agree [13] Reply Report Abuse

  • Rohan, Mangalore

    Sat, May 30 2020

    The reserves will increase in the future also as the price of crude oil has decreased drastically and demand for oil is also low which decreases the amount of imports.
    Increase in reserves is good for our country.

    DisAgree [2] Agree [18] Reply Report Abuse


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