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Forex Reserves Rises $2.56 Bn To Over $401 Bn

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India’s foreign exchange (forex) reserves that comprise Foreign Currency Assets (FCAs), gold reserves, Special Drawing Rights (SDRs) and India’s position with the International Monetary Fund (IMF) increased by $2.56 billion during the week ended March 1, official data showed.

Reserve Bank of India (RBI)’s weekly statistical supplement showed that the overall forex reserves rose to $401.78 billion from $399.28 billion reported for the week ended February 22.

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.06 billion to $374.06 billion.

Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.

The RBI’s weekly data showed that the value of the country’s gold reserves rose by $488.7 million at $23.25 billion.

The SDR value inched up by $3 million to $1.46 billion, while the country’s reserve position with the IMF grew by $6.2 million to $2.99 billion.

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