India’s Foreign Reserves Raised by USD 1.622 million to USD 481.078 billion

Published on May 10, 2020
Current Context: Reserve Bank of India has released the data describing that India's foreign exchange reserves increased by USD 1.622 million to USD 481.078 billion in the week to May 1, due to a rise in foreign currency assets.
India’s Foreign Reserves Raised by USD 1.622 million to USD 481.078 billion
  • However, initially, the reserves had declined by $113 million to $479.455 billion.
  • The forex reserves had touched a life-time high of USD 487.23 billion in the week to March 6, after it rose by USD 5.69 billion.
  • During FY20, the country's foreign exchange reserves had risen by almost USD 62 billion.
  • 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.
  • Also, the data released by RBI reveals that gold reserves have declined by USD 623 million to USD 32.277 billion.

Static Part: 

  • Headquarters of RBI– Mumbai, Maharashtra
  • Governor of RBI – Shaktikanta Das
  • Deputy Governors of RBI– Bibhu Prasad Kanungo, Mahesh Kumar Jain, Michael Debabrata Patra.

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