India’s forex reserves soar by $ 2.68 billion to $ 396.084 billion

India’s foreign exchange reserves soared by $ 2.68 billion to $ 396.084 billion during the week ended January 4, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had gone up by $ 116.4 million to $ 393.404 billion during the previous week.
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had increased by $ 2.215 billion to $ 370.292 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 $ 465.5 million to $ 21.69 billion, while its special drawing rights (SDRs) reduced by $ 0.1 million to $ 1.462 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 0.1 million to $ 2.64 billion, the bulletin added.

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