India’s Foreign Exchange Reserves Continue To Soar, Hit All-Time High Of $473 Billion

The Reserve Bank of India (Credits: Times of India)

India's foreign exchange reserves continued to surge in week ended 7 February, hitting an all-time high of $473 billion, reports Times of India.

The RBI's reserves rose by $1.70 billion during the week under review, official data showed on Friday (14 February).

According to the RBI's weekly statistical supplement, the overall foreign exchange reserves increased to $473 billion from $471.30 billion reported for the week ended 31 January.

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India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, rose by $1.93 billion to $439.18 billion.

Expressed in dollar terms, the foreign currency assets include the effect of depreciation or appreciation of non-US units like the euro, pound and yen held in the forex reserves.

However, the value of the country's gold reserves declined by $218 million to $28.77 billion.

Similarly, the SDR value inched lower. It slipped by $2 million to $1.43 billion, while the country's reserve position with the IMF fell by $16 million to $3.59 billion.

(With inputs from IANS)

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