Mumbai: The foreign Exchange reserves of the country has crossed 590 billion US dollars. This was revealed by the apex bank in the country, Reserve Bank of India. India’s forex reserve crossed this milestone on the week ended 14th March. In terms of India rupee, it comes around 43,24,574 crores.
As per the data released by Reserve Bank of India, in last one year India’s foreign exchange reserve rose by USD 102 billion.
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The forex reserve of the country include foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF). Foreign currency assets is the largest component of the forex reserves. 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. It is expressed in US dollar.
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