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Forex Reserves Jump $1 Billion to $354 Billion After 2 Weeks of Dips

Foreign currency assets (FCAs), a major component of overall reserves, rose by $1.039 billion to $330.836 billion in the reporting week, according to the latest Reserve Bank data.
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Forex Reserves Jump $1 Billion to $354 Billion After 2 Weeks of Dips
Mumbai: After declining for two straight weeks, the foreign exchange reserves rose by a healthy $1.086 billion to touch $354.433 billion for the week to August 14, led by an increase in foreign currency assets.
 

The reserves were down by $113.5 million to $353.347 billion in the previous reporting week after touching an all-time high of $355.46 billion in the week to June 19.
 

Foreign currency assets (FCAs), a major component of overall reserves, rose by $1.039 billion to $330.836 billion in the reporting week, according to the latest Reserve Bank data.
 

FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.
 

Despite a massive drop in gold prices, the reserves of the yellow metal stood unchanged at $18.250 billion.
 

India's special drawing rights with the International Monetary Fund rose $35.4 million to touch $4.055 billion in the week under review, while the nation's reserve position with the Fund also rose by $11.2 million to $1.291 billion, the apex bank said.



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