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Foreign exchange reserves swell by over $3.6 bn to $405.6 bn in the week ended 15 March

Mumbai: India's foreign exchange reserves surged by a whopping $3.602 billion to $405.638 billion in the week to 15 March, driven by rise in foreign currency assets, the Reserve Bank said on Friday.

Forex reserves had increased by $258.8 million to $402.035 billion in the previous week.

In the reporting week, foreign currency assets -- a major component of the overall reserves -- increased by a healthy $3.546 billion to $377.773 billion as foreign
funds pumped in billions of dollars into domestic equities in a pre-election buying spree.

 Foreign exchange reserves swell by over .6 bn to 5.6 bn in the week ended 15 March

Representational image. News 18.

Expressed in the greenbacks, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves.

The reserves had touched a lifetime high of $426.028 billion in the week to 13 April, 2018. Since then, it has been on a slide and is now down by over $20 billion.

Gold reserves rose by $38.9 million to $23.408 billion in the reporting week, according to data from the central bank.

The special drawing rights with the International Monetary Fund rose by $5.9 million to $1.461 billion.

The country's reserve position with the Fund, too, increased by $12.1 million to $2.995 billion, the apex bank said.

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Updated Date: Mar 22, 2019 19:54:57 IST

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