Business News

Foreign exchange reserves soar USD 1 bn to USD 429.60 bn

Foreign exchange reserves soar USD 1 bn to USD 429.60 bn

The country’s foreign exchange reserves increased by 1.004 billion US dollars to 429.608 billion dollars in the week to September 6. As per latest RBI data, the reserves had touched a life-time high of 430.572 billion dollars in August this year. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in the foreign exchange reserves.

During the week, gold reserves declined by USD 199 million to USD 27.35 billion, according to the data. The special drawing rights with the International Monetary Fund remained unchanged at USD 1.434 billion during the week. The country’s reserve position with the Fund rose marginally by USD 2 million to USD 3.619 billion, the data showed.

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