Mumbai: The foreign exchange reserves of India surged by $4.532 billion to $588.78 billion for the week ended April 28. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the last week, the forex reserves depreciated by $2.164 billion to $584.248 billion. he forex reserves had reached an all-time high of $645 billion in October 2021.
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). 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.
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FCAs increased nearly $5 billion to $519.485 billion. .Gold reserves dropped $494 million to $45.657 billion. The Special Drawing Rights (SDRs) were up $35 million to $18.466 billion. The country’s reserve position with the IMF was down $4 million to $5.172 billion.
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