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India’s forex reserves rise by over $3.4 bn

India’s forex reserves rise by over $3.4 bn
June 06
11:37 2020

MUMBAI: India’s foreign exchange reserves rose by over $3.436 billion during the week ended May 29. According to the RBI’s weekly statistical supplement, the overall forex reserves increased to $493.480 billion from $490.044 billion reported for the week ended May 22.

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). On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.503 billion to $455.208 billion.

However, the value of the country’s gold reserves decreased by $97 million to $32.682 billion. Besides, the SDR value remained flat at $1.432 billion.

The country’s reserve position with the IMF increased by $31 million to $4.158 billion.

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