India’s forex reserves rise by $445.4 million to $401.293 billion

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Mumbai | August 31, 2018 6:44 PM

The country's foreign exchange reserves rose by USD 445.4 million to USD 401.293 billion in the week to August 24 on the back of increase in currency assets, RBI said today.

forex reserves, foreign exchange reserves, Reserve Bank of India, US dolalr, gold reserves, IMFThe reserves had been declining in the past few weeks as the Reserve Bank of India (RBI) is selling the US dollar to contain depreciation in the rupee, which breached the 71 mark against the greenback today, its lowest ever. (Reuters)

The country’s foreign exchange reserves rose by USD 445.4 million to USD 401.293 billion in the week to August 24 on the back of increase in currency assets, RBI said today. In the previous week, the overall reserves had witnessed a drop of USD 33.2 million to USD 400.84 billion. The reserves had been declining in the past few weeks as the Reserve Bank of India (RBI) is selling the US dollar to contain depreciation in the rupee, which breached the 71 mark against the greenback today, its lowest ever.

In the week to August 24, foreign currency assets, a major component of the overall reserves, swelled by USD 386.6 million to USD 376.591 billion, as per the RBI data released today. Expressed in the US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and the yen held in the reserves.

Gold reserves rose by USD 35.7 million to USD 20.763 billion for the reporting week, the apex bank said. The special drawing rights with International Monetary Fund (IMF) increased by USD 8.6 million to USD 1.471 billion, while the country’s reserve position with the IMF was also up by USD 14.5 million to USD 2.467 billion, the central bank said.

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