Foreign Exchange reserves of India surged by $1.994 billion to $419.992 billion United States Dollar in the week ended 24th May, 2019.
According to Reserve Bank Of India (RBI)’s data, foreign exchange reserves of India surged by $1.994 billion to $419.992 billion United States Dollar in the week ended 24th May, 2019.
Why India’s Foreign exchange reserves surged?
As per RBI data, the foreign exchange reserves of India increased primarily due to a rise in Foreign Currency assets
The foreign currency assets rose by $1.991 billion to 392.188 billion United States dollar.
When it comes to Gold, the reserves of the gold remained steady at $23.021 billion.
As of September 2018, foreign exchange reserves of India are mainly composed of United States dollar in the forms of United States government bonds and institutional bonds with nearly 5% of forex reserves in gold.
The Foreign exchange reserves of India consists of 4 categories;
- Foreign Currency Assets,
- Gold,
- Special Drawing Rights, and
- Reserve Tranche Position.
