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Foreign exchange reserves jump $ 1.193 billion to $ 582.406 billion, Auto News, ET Auto

By on April 23, 2021 0
During the previous week ended April 9, the forex kitty had jumped $ 4.344 billion to $ 581.213 billion. Reserves had reached a lifetime high of $ 590.185 billion in the week ended Jan. 29, 2021.

MUMBAI: The country’s foreign exchange reserves rose $ 1.193 billion to $ 582.406 billion in the week ended April 16, according to RBI data on Friday.

During the previous week ended April 9, the forex kitty had jumped $ 4.344 billion to $ 581.213 billion. Reserves had reached a lifetime high of $ 590.185 billion in the week ended Jan. 29, 2021.

During the week ended April 16, 2021, the increase in reserves was mainly due to an increase in foreign currency assets (FCA), a major component of all reserves.

The FCAs rose $ 1.13 billion to $ 540.585 billion, according to weekly data from the Reserve Bank of India (RBI).

Expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

Gold reserves rose $ 34 million to $ 35.354 billion in the reference week, the data showed.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) increased by $ 6 million to $ 1.498 billion.

The country’s reserve position with the IMF increased by $ 23 million to $ 4.969 billion in the week under review, according to central bank data.