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India’s foreign exchange reserves rise to $1.1 bn to reach $582.4 bn

The country’s foreign exchange reserves rose by $1.19 billion to reach $582.4 billion as per the RBI data. The reserves had touched a lifetime high of $590.185 billion in the week ended January 29, 2021.

 

Foreign currency assets (FCAs) witnessed a rise of $1.13 billion to reach $540.58 billion, the data showed. India’s forex reserve had touched a record high of $590.18 billion in the week ended January 29.

 

In the previous week ended April 9, the forex reserves had surged by $4.344 billion to $581.213 billion. In the week ended April 16, 2021, the increase in reserves was mainly due to a rise in foreign currency assets (FCAs), a major component of the overall reserves.

 

FCAs rose by $1.13 billion to $540.585 billion, weekly data by the Reserve Bank of India (RBI) showed.

 

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.   

 

At the same time the Gold reserves increased by $34 million to $35.354 billion in the reporting week, as per the data. The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $6 million to $1.498 billion.