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Sunday, October 25, 2020

Forex reserves rise by $3.37 bn to record high of $545.03 bn

In the previous week ended September 11, the reserves had declined by $353 million to $541.660 billion.

By: ENS Economic Bureau | New Delhi | September 27, 2020 1:00:30 am
Forex reserves, foreign exchange reserves, currency assets, Indian economy, Indian express newsDuring the reporting week, the forex kitty rose mainly due to an increase in foreign currency assets (FCA), a major component of the overall reserves.

The country’s foreign exchange reserves increased by $3.378 billion to touch a life-time high of $545.038 billion in the week ended September 18, the Reserve Bank of India (RBI) data showed.

In the previous week ended September 11, the reserves had declined by $353 million to $541.660 billion.

During the reporting week, the forex kitty rose mainly due to an increase in foreign currency assets (FCA), a major component of the overall reserves.
FCAs swelled by $3.943 billion to $501.464 billion in the reporting week, the central bank data showed. 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.

Gold reserves were down by $580 million in the reporting week to $37.440 billion.

– With PTI

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