Mumbai: The foreign exchange reserves of the country surged by $ 4.23 billion to $ 597.509 billion for the week ended May 20. The weekly statistical supplement released by the Reserve Bank of India (RBI) has revealed this. It was at $ 593.289 billion on May 13.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF).
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FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves. FCAs edged higher by $ 3.825 billion to $ 533.378 billion.
Gold reserves depreciated by $ 253 million to $ 40.823 billion. India’s special drawing rights (SDRs) with the IMF gained by $ 102 million to $ 18.306 billion. The country’s reserve position in IMF dipped by $ 51 million to $ 5.002 billion.
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