India’s forex reserves rise by $ 1.875 billion to $ 421.867 billion

Maintaining an uptrend for the second consecutive week, India’s foreign exchange reserves rose by $ 1.875 billion to $ 421.867 billion during the week ended May 31, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had gone up by $ 1.994 billion to $ 419.992 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 $ 1.946 billion to $ 394.134 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 fell by $ 62.9 million to $ 22.958 billion, while its special drawing rights (SDR) declined by $ 2.3 million to $ 1.443 billion.
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 5.3 million to $ 3.3314 billion, the bulletin added.

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