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India's forex reserves surge by $ 4.483 billion to new high of $ 585.324 billion
Mumbai, January 8, 2021
India's foreign exchange reserves surged by$ 4.483 billion to a new high of $ 585.324 billion during the week ended January 1, the Reserve Bank of India (RBI) said here today.
The country's forex reserves had dipped by $ 290 million to $ 580.841 billion during the previous week ended January 1.
In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had jumped up by $ 4.168 billion to $ 541.642 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves went up by $ 315 million to $ 37.026 billion, while its special drawing rights remained unchanged at $ 1.510 billion.
The country's reserve position in the International Monetary Fund (IMF) also remained unchanged at $ 5.145 billion, the bulletin added.