According to RBI report, India’s foreign exchange reserves surged by $1.275 billion to reach a life-time high of $517.637 billion in the weekend on July 17, 2020. Foreign currency increased by $1.245 billion to $476.880 billion.
India’s Gold reserves also grow up by $13 million to end at $34.743 billion.
India’s Special Dawing Rights with the IMF rose by $2 million to reach $1.455 billion.
What is Special Dawing Rights
Special drawing rights are supplementary foreign exchange reserve assets maintained by the IMF. SDRs are units of account for the International Monetary Fund, and not a currency per se.
There are 6 currencies reserves in IMF are: U.S. dollar, euro, Chinese yuan, Japanese yen, and pound sterling. Special drawing rights were created in 1969.
India Foreign exchange reserves increased India Foreign exchange reserves increased