Forex reserves at life-time high |
The forex reserves of India touched a fresh life-time high of $375.71 billion after rising by $2.985 billion in the week ending May 5, helped by increase in foreign currency assets, the Reserve Bank said. The reserves had risen by $1.594 billion to $372.73 billion in the previous week.Foreign currency assets (FCAs), a major component of the overall reserves, rose by $2.474 billion to $351.53 billion in the reporting week. Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves. After remaining stable for past few weeks, gold reserves rose by $569.9 million to $20.438 billion. This is good news and will help us to save foreign exchange. The bad part is that it will make our exports slightly less competitive. The special drawing rights with the International Monetary Fund decreased marginally by $0.4 million to $1.459 billion.The country`s reserve position with the Fund, too, declined by $58.4 million to $2.288 billion, the RBI said.
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