Indian forex reserves surge by $58.38 bn in H1

Other News Materials 28 October 2021 15:13 (UTC +04:00)
Indian forex reserves surge by $58.38 bn in H1

The country's foreign exchange reserves surged by $58.38 billion in April-September 2021 to $635.36 billion, says an RBI report released on Wednesday.

The forex reserves were at $576.98 billion at end-March 2021.

The Reserve Bank of India (RBI) publishes half-yearly reports on management of foreign exchange reserves.

These reports are prepared half yearly with reference to the position as at end-March and end-September each year.

The report released on Wednesday is 37th in the series and is with reference to the foreign exchange reserve position as of end-September 2021.

"During the half-year period under review, reserves increased from $576.98 billion as at end-March 2021 to $635.36 billion as at end-September 2021,” the report said.

Although both US dollar and Euro are intervention currencies and the Foreign Currency Assets (FCA) are maintained in major currencies, the foreign exchange reserves are denominated and expressed in US dollar terms.