India’s foreign exchange reserves stay above $700 bn
India's foreign exchange (Forex) reserves stood above $700 billion for the second-consecutive week, data from the Reserve Bank of India (RBI) showed on Friday.
The country’s forex reserves surged by $2.604 billion to reach an all-time high of $400.726 billion in the week ended September 8 on account of rise in foreign currency assets, RBI data showed today.
In the previous week, the reserves had increased by $3.572 billion to $398.122 billion.
The foreign currency assets (FCAs), a major component of the overall reserves, increased by $2.568 billion to $376.209 billion for the reporting week, according to data by the Reserve Bank of India (RBI).
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Expressed in US dollar terms, FCAs include the effect of appreciation or depreciation of non-US dollar currencies, such as the euro, the pound and the yen held in the reserves.
The gold reserves remained unchanged at $20.691 billion.
The special drawing rights with the International Monetary Fund (IMF) increased by $14.2 million to $1.520 billion, the apex bank said.
The country’s reserve position with the IMF also increased by $21.4 million to $2.304 billion, it said.
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