Forex reserves rise by USD 1.739 bn to USD 582.037 billion

In the previous week ended March 5, the reserves had declined by USD 4.255 billion to USD 580.299 billion. The reserves had touched a record high of USD 590.185 billion in the week ended January 29, 2021.

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The country’s foreign exchange reserves increased by USD 1.739 billion to USD 582.037 billion in the week ended on March 12, the RBI data showed.

In the previous week ended March 5, the reserves had declined by USD 4.255 billion to USD 580.299 billion. The reserves had touched a record high of USD 590.185 billion in the week ended January 29, 2021.

In the reporting week ended March 12, the rise in reserves was on account of an increase in foreign currency assets (FCA), a major component of the overall reserves. FCA rose by USD 1.409 billion to USD 541.022 billion, Reserve Bank of India’s (RBI) weekly data showed.

Expressed 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.

After declining in the last week, the gold reserves increased by USD 336 million to USD 34.551 billion in the report week.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) fell by USD 4 million to USD 1.501 billion in the reporting week. The country’s reserve position with the IMF declined by USD 2 million to USD 4.963 billion in the reporting week, the data showed.

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