India's forex reserves rise $4.6 bn to $471.3 bn, gold up at $29 bn

Mumbai: The country’s foreign exchange reserves swelled by $4.607 billion to $471.3 billion in the week to January 31, helped by a rise in foreign currency assets, according to RBI data.

In the sixth bi-monthly monetary policy of 2019-20 announced on Thursday, the Reserve Bank of India (RBI) had said foreign exchange reserves touched a lifetime high of $471.4 billion on February 4, 2020.

In the previous week ended January 24, the reserves had surged by $4.535 billion to touch $466.693 billion.

In the reporting week, the increase in reserves was mainly on account of a rise in foreign currency assets, a major component of the overall reserves, which rose by $4.329 billion to $437.248 billion.

Expressed in dollar terms, 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.

In the reporting week, gold reserves increased $282 million to $28.997 billion.

The special drawing rights with the International Monetary Fund (IMF) were down by $4 million to USD 1.43 billion.

The country’s reserve position with the IMF remained unchanged at $3.615 billion, the data showed.

In the sixth bi-monthly monetary policy of 2019-20 announced on Thursday, RBI had said foreign exchange reserves touched a lifetime high of $471.4 billion on February 4, 2020.