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Forex reserves rise to $352.71 bn

 The Hawk |  2015-06-13 07:48:07.0  0  Comments

Forex reserves rise to $352.71 bn

Mumbai: India's foreign exchange reserves rose marginally by USD 239.4 million to USD 352.71 billion in the week up to June 5, on account of increase in foreign currency assets, according to RBI data released on Friday. In the previous week, the reserves had increased by USD 917.5 million to USD 352.474 billion. The forex kitty had touched a record high of USD 352.876 billion in the week to May 15. The foreign currency assets, which is a major component of overall reserves, rose by USD 192.9 million to USD 328.012 billion in the reporting week. Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as euro, pound and yen held in the reserves. In FY15, there was an accretion to foreign exchange reserves to the tune of USD 61.4 billion compared with USD 15.5 billion last year. Gold reserves also increased by USD 4.5 million to USD 19.34 billion, after remaining stable for many weeks. The special drawing rights with the IMF were up by USD 31.7 million to USD 4.05 billion, while the country's reserve position with the fund increased by USD 10.3 million to USD 1.31 billion. PTI

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