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India’s foreign exchange reserves touches record high

The foreign exchange reserves of India has touched an all-time high. This was revealed by the data released by the Reserve Bank of India (RBI).

The  weekly statistical supplement issued by the Reserve Bank of India revealed that the forex reserve has surged by $3.378 billion during the week ended 18 September to reach a record high of $545.038 billion. India’s forex reserves rose to $545.038 billion from previous week’s $541.660 billion.

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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).

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

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

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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