India’s Forex reserves surge by $3.378 Bn. Reach all time high of $545.038 Bn

India’s Forex reserves surge by $3.378 Bn. Reach all time high of $545.038 Bn

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India’s Forex reserves surge by $3.378 Bn

India’s foreign exchange reserves edged higher by $3.378 billion during the week ended 18 September to reach a record high of $544.038 billion, reports Financial Express.

According to the Reserve Bank of India’s weekly statistical supplement, India’s forex reserves rose to $545.038 billion from previous week’s $541.660 billion.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the nation’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.943 billion to $501.464 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

However, the value of the country’s gold reserves fell by $580 million to $37.440 billion.

Meanwhile, India’s reserve position with the IMF increased by $14 million to $4.651 billion, and the nation’s special drawing rights with the IMF increased marginally by $1 1 million to $1.483 billion.

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