Forex reserves rise to a new high of 90 590 billion

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Mumbai, Ta. 06 February 2021, Saturday

For the week ended January 3, the country's forex reserves rose by ૮૫ 2.7 billion to a new high of. 20.12 billion. Foreign currency assets, a key component of the forex reserve, rose by ૩ 3.06 billion to ૨૨ 2.3 billion, according to Reserve Bank data.

The country's gold reserves fell by ૬ 175 million to ૨૯ 2.3 billion, according to the data.

The forex reserves increased by ૨ 150 billion to ૫૭૮ 5 billion in 2020. Corona led to a drop in crude oil and gold imports, while the country's capital market witnessed a sharp rise in Forex reserves in one year due to a massive influx of institutional investors, which continues in the current 2021 calendar.

If the current growth rate of the forex reserves continues, it is likely to reach સપાટી 200 billion soon.

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