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?
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,
- Special Drawing Rights, and
- Reserve Tranche Position.