Forex reserves up by $1.27 billion to $506.84 billion

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Published: July 3, 2020 6:29 PM

In the week ended June 26, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

In the previous week ended June 19, the reserves had dipped by USD 2.08 billion to USD 505.57 billion.In the previous week ended June 19, the reserves had dipped by USD 2.08 billion to USD 505.57 billion.

After falling in the previous week, the country’s foreign exchange reserves rose USD 1.27 billion to USD 506.84 billion in the week ended June 26, according to the latest data from the RBI.

In the previous week ended June 19, the reserves had dipped by USD 2.08 billion to USD 505.57 billion.

The reserves had crossed the half-a-trillion dollar mark for the first time in the week ended June 5 after it had surged by a massive USD 8.22 billion and reached USD 501.70 billion. It had touched a life-time high of USD 507.64 billion in the week ended June 12.

In the week ended June 26, the reserves rose due to an increase in foreign currency assets (FCA), which is a major component of the overall reserves.

FCA rose by USD 565 million to USD 467.60 billion in the reporting week, the RBI 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.

The gold reserves in the reporting week increased by USD 707 million to USD 33.52 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) was reduced by USD 3 million to USD 1.44 billion.

The country’s reserve position with the IMF rose by USD 3 million to USD 4.27 billion during the reporting week, the data showed.

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