India’s foreign exchange reserves have surged by a massive 6.47 billion dollars to reach a fresh all-time high of 513.25 billion dollars in the week ended 3rd July 2020. Foreign currency assets, a major part of the overall reserves, rose by 5.66 billion dollars to 473.26 billion dollars. In the previous week, the reserves had increased by 1.27 billion dollars to end at 506.84 billion dollars.
The reserves had crossed the half-a-trillion-dollar mark for the first time in the first week of June, when it had jumped by 8.22 billion dollars to reach 501.70 billion dollar mark. Gold reserves went up by 495 million dollars to end at 34.02 billion dollars.
India’s special drawing rights with the International Monetary Fund rose by 4 million dollars to reach 1.45 billion dollars, while the country’s reserve position increased by 259 million dollars to 4.526 billion dollars.