(Aditya Shaw, Intern Journalist): There is good news between the coronavirus epidemic and the economy struggling with lockdown restrictions. India’s foreign exchange reserves have reached an all-time high. India’s foreign exchange reserves have reached a record level of $ 555.12 billion. The foreign exchange reserves have increased by $ 3.615 billion in the week ending October 16, reaching an all-time high.
This information has been obtained from the Reserve Bank of India data. In the previous week, ie, the week ended 9 October 2020, the country’s foreign exchange reserves had increased by $ 5.867 billion, bringing it to $ 551.505 billion. The main reason for this increase in the country’s foreign exchange reserves during the period under review is the sharp increase in foreign currency assets (FCA). The FCA constitutes a significant part of the total foreign exchange reserves. The FCA grew by $ 3.539 billion during the period under review, increasing it to $ 512.322 billion.
According to data from the Reserve Bank of India (RBI), India’s total gold reserves increased by $ 86 million during the period under review, increasing it to $ 36.685 billion.
According to the data, India’s foreign exchange reserves with the International Monetary Fund decreased by $ 11 million during this period, reducing it to $ 4.634 billion. At the same time, the special drawing rights with the International Monetary Fund (IMF) remained unchanged at the US $ 1.480 billion during the week under review.
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