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Forex Reserves Up By $1.3 Billion To $401.79 Billion

In the previous week, forex reserves had risen by $1.207 billion to $400.489 billion. In the reporting week, foreign currency assets increased by $1.257 billion to $377.412 billion, as per RBI data.

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The country's foreign exchange reserves increased by $1.3 billion to $401.790 billion in the week to September 21, helped by a rise in foreign currency assets, according to RBI data.

In the previous week, forex reserves had risen by $1.207 billion to $400.489 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, increased by $1.257 billion to $377.412 billion, as per RBI data.

Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of the non-US currencies such as the euro, pound and yen held in the reserves. Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018, but have been declining since then.

The dip in reserves is on account of RBI's intervention in the foreign exchange market to stem the rupee's fall, according to forex analysts. Gold reserves rose by $35.9 million to $20.414 billion in the reporting week.

The special drawing rights with the International Monetary Fund (IMF) rose by $2.6 million to $1.481 billion. The country's reserve position with the IMF also increased by $4.3 million to $2.482 billion, the apex bank said.


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