Mumbai: The foreign exchange (forex) reserves of the country surged by $44 million to $562.85 billion in the last week ended December 30. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed this. According to the data released by the RBI, during the whole year 2022, the country’s forex reserves declined by $70.1 billion.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
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Foreign currency assets (FCA) decreased by $302 million to $498.19 billion in the week ended December 30. Gold reserves rose $354 million to $41.32 billion.
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