India’s forex reserves rise by over $2 bn

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India’s foreign exchange reserves rose by $2.229 billion during the week ended January 14.

The Reserve Bank of India’s forex reserves increased to $634.965 billion from $632.736 billion reported for January 7.

The country’s forex reserves comprises of foreign currency assets (FCAs), gold reserves, SDRs, and the country’s reserve position with the IMF.

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.345 billion to $570.737 billion. Similarly, the value of the country’s gold reserves increased by $726 million to $39.770 billion.

Additionally, the SDR value was up by $123 million to $19.220 billion and the country’s reserve position with the IMF rose by $36 million to $5.238 billion.

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