India saw its foreign exchange reserves surge by $1.97 billion to $313.83 billion in the week ended May 9, mostly due to a sharp surge in its overseas currency assets.
Data released earlier by the Reserve Bank of India showed that, in the week ending May 2, the reserves rose by $1.94 billion to $311.85 billion, reported the Economic Times.
Foreign currency assets, which comprise the biggest proportion of FX reserves, gained $1.97 billion to $286.54 billion in the week ended May 9. The FX currency assets, which are usually denominated in US dollars, include the effect of depreciation or appreciation of other currencies apart from the dollar that are held in the reserve such as the yen, pound and the euro.
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The price of gold reserves remained static at $20.96 billion in the week under review, after earlier declining by $601 million to $20.96 billion in the previous week.
However, the country’s reserve position at the International Monetary Fund fell $1.7 million to $1.83 billion. The special drawing rights also plunged by $3.6 million to $4.47 billion.
In a separate report, London-based FX broker CFH Group announced in a press release on Friday that it had purchased 50 percent of the voting shares of Boston Prime Ltd and Boston Technologies Inc. The all-cash deal saw Kevin Millien, the partner and co-founder of Boston Technologies; relinquish his stake in the firm. Millien will also be retained by CFH as a strategic consultant in order to explore ways to successfully integrate Boston Technologies with CFH business units for synergy purposes.
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To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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