India’s forex reserves soar by $ 3.603 billion to $ 405.638 billion

Maintaining an uptrend for the fifth consecutive week, India’s foreign exchange reserves soared by $ 3.603 billion to $ 405.638 billion during the week ended March 15, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had gone up by $ 258.8 million to $ 402.035 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 gone up by $ 3.46 billion to $ 377.773 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 increased by $ 38.9 million to $ 23.408 billion, while its special drawing rights (SDRs) went up by $ 5.9 million to $ 1.461 billion.
India’s reserve position in the International Monetary Fund (IMF) increased by $ 12.1 million to $ 2.995 billion, the bulletin added.

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