85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
India’s foreign exchange (Forex) reserves on the week ending 3 January touched a new high of $461.157 billion, after it surged by $3.689 billion in just a week’s time, stated the Reserve Bank of India (RBI) data.
In the previous week, the reserves had risen by $2.52 billion to $454.948 billion.
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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).
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The special drawing rights with the International Monetary Fund were up by $7 million to $1.447 billion. The country’s reserve position with the IMF increased by $3 million to $3.703 billion, the data showed.
In the reporting week, the increase in reserve was mainly on account of a spike in foreign currency assets, a major component of the overall reserves, which rose by $3.013 billion to $427.949 billion, the data released by the RBI on January 10 showed.
In terms of dollars, the foreign currency assets include the increase or decrease of non-US units like the euro, pound and yen held in the forex reserves.
In the reporting week, gold reserves rose by $666 million to $28.058 billion.
(With input from agencies)
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