Foreign exchange reserves cross the $ 600 billion mark for the first time

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Foreign exchange reserves cross the $ 600 billion mark for the first time


MUMBAI: The country Foreign exchange Reserves crossed the $ 600 billion mark for the first time after rising by $ 6.842 billion in the week ending June 4, RBI data showed on Friday.
Reserves rose to a record $ 605.008 billion in the week of the report, helped by an increase in foreign currency assets (FCA), a major component of general reserves, according to weekly data from the Reserve Bank of India. (RBI).
In the previous week ending May 28, 2021, reserves increased by $ 5.271 billion to $ 598.165 billion.
In the week of the report, FCA jumped $ 7.362 billion to $ 560.890 billion, the data showed.
Expressed in dollar terms, foreign currency assets include the effect of the appreciation or depreciation of non-US units such as the euro, the pound and the yen held in foreign exchange reserves.
Gold reserves were reduced by $ 502 million to $ 37,604 billion.
Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) fell $ 1 million to $ 1.513 billion.
The country’s reserve position with the IMF also fell by $ 16 million to $ 5 billion in the week of the report, the data showed.

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