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India's Forex Reserves Rise To $4.8.7 Billion

Olga Robert

For the week ended 3 May, the country's foreign exchange reserves were reportedly increased by $171.9 million to $418.687 billion, according to RBI data. The increase was on account of a rise in foreign currency assets.

In the week before, these reserves had swelled by $4.368 billion to $418.515 billion, after the second dollar-rupee swap auction held on 23 April.

Foreign currency assets, which are a major component of the overall reserves, rose by $448.3 million to $390.869 billion in the reporting week.

Although expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves.

The data also showed that gold reserves dipped by $281.6 million to $3.021 billion. The special drawing rights with the International Monetary Fund (IMF) rose by $1.6 million to $1.451 billion.

India's reserve position with IMF also increased by $3.6 million to $3.344 billion, according to the RBI data.

In the week ended 13 April 2018, India's forex kitty had touched a life-time high of $426.028 billion.

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