Forex reserves hit record high at $437.83 billion

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Mumbai | Published: October 12, 2019 12:28:43 AM

Foreign currency assets (FCA), which form a key component of reserves, rose by $3.996 billion to $405.611 billion.

In the previous week, the reserves had increased by .022 billion to 3.594 billionp-In the previous week, the reserves had increased by .022 billion to 3.594 billion

India’s foreign exchange reserves increased by $4.239 billion to hit a record high of $437.833 billion as on October 4, according to data from the Reserve Bank of India (RBI). In the previous week, the reserves had increased by $5.022 billion to $433.594 billion.

Foreign currency assets (FCA), which form a key component of reserves, rose by $3.996 billion to $405.611 billion. FCAs are maintained in major currencies like the US dollar, euro, pound sterling and Japanese yen. Movement in the FCA occurs mainly on account of purchase or sale of foreign exchange by the RBI, income arising out of the deployment of foreign exchange reserves, external aid receipts of the government and revaluation of assets.

Gold reserves rose by $232 million to $27.178 billion.

Special drawing rights (SDR) from the IMF increased by $1 million to $1.429 billion.

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