By: ENS Financial Bureau | New Delhi | Printed: August 16, 2020
Printed: August 16, 2020 12:40:10 am
The reserves had crossed the half-a-trillion mark for the primary time within the week ended June 5, 2020, after it had jumped by $8.223 billion to $501.703 billion. (Representational)
The nation’s overseas trade reserves swelled by $3.623 billion to a file excessive of $538.191 billion within the week ended August 7, RBI knowledge confirmed on Friday.
Within the earlier week ended July 31, the reserves had elevated by $11.938 billion to succeed in $534.568 billion.
The reserves had crossed the half-a-trillion mark for the primary time within the week ended June 5, 2020, after it had jumped by $8.223 billion to $501.703 billion.
Within the week ended August 7, the foreign exchange kitty rose on the again of positive factors in overseas forex belongings (FCAs), a significant element of the general reserves.
FCAs rose by $1.464 billion to $492.293 billion within the reporting week, the RBI knowledge confirmed.
Expressed in greenback phrases, the overseas forex belongings embrace the impact of appreciation or depreciation of non-US models just like the euro, pound and yen held within the overseas trade reserves.
Gold reserves have been up by $2.160 billion to $39.785 billion.
The pattern of rising overseas trade reserves began after Finance Minister Nirmala Sitharaman introduced a pointy lower in company tax charges on September 20, 2019.
With PTI inputs
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