India’s foreign exchange reserves surged $950.9 million to $313.537 billion in the week through June 13, according to the Reserve Bank of India on Friday.
The forex reserves had increased by 203.2 million to close at $312.585 billion a week earlier. The central bank revealed that foreign currency assets, which form the largest proportion of foreign exchange reserves, accelerated by $958.5 million to close at 286.589 billion over the period, reported The Hindu.
Foreign currency assets, which are usually denominated in the U.S. dollar, incorporate the effect of depreciation or appreciation of other non-US dollar currencies such as the pound, the yen and euro that are kept in the reserves.
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The central bank also reported that India’s gold reserves remained intact from a week earlier, where they closed at $20.790 billion. The special drawing rights (SDRs) plunged by $5.5 million to close at $4.446 billion through the week. The country’s reserve position with the International Monetary Fund declined $2.1 million to close the week at $1.711 billion.
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To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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