Import cover also increased following sustained growth in the country's forex reserve

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Mumbai, Ta. 23 December 2019, Saturday

In the week ended December 1, India's forex reserve increased by $ 8 billion to $ 1.8 billion. Overall reserves have been boosted as a result of the $ 5.5 billion increase in foreign currency assets.

Foreign currency assets depicted in dollar terms include the impact of fluctuating currencies other than the dollar reserves in the Forex Reserve, such as the euro, pound and yen. The country's gold reserve also rose by $ 100 million to $ 8 billion, according to the Reserve Bank data. The country's gold reserve stood at $ 1.8 billion over the weekend of December 3.

India's import cover will also improve as forex reserves increase. In June of the current year, the country's import cover stood at six months, with $ 1.8 billion. Imports cover is likely to increase when the forex reserve rises to $ 1.8 billion.

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