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Foreign exchange reserves of India touches lifetime high

India’s India’s foreign exchange reserves has touched a lifetime high. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. The forex reserve has surged by around US dollar 4.525 billion  during the week ending 4 December. The forex reserve  surged from US dollar 574.821 billion to US dollar 579.346 billion.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). Foreign currency assets (FCAs) is the largest component of the forex reserves. It is 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 surged higher by US dollar 3.932 billion to US dollar 537.386 billion. The value of the country’s gold reserves increased by US dollar 535 million to US dollar 35.728 billion. India’s reserve position with the IMF also rose by US dollar 46 million to US dollar 4.725 billion. India’s special drawing rights with the IMF remained rose marginally by US dollar 12 million to US dollar 1.506 billion.

 

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