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India's foreign exchange reserves shoot by $4.549 bn to a record $648.7 bn
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India's foreign exchange reserves shoot by $4.549 bn to a record $648.7 bn

| @indiablooms | 24 May 2024, 09:27 pm

New Delhi: India's foreign exchange reserves surged by $4.549 billion to a record high of $648.7 billion for the week ending May 17, according to the Reserve Bank's announcement on Friday.

This marks the third consecutive week of growth in the reserves, which had previously increased by $2.561 billion to $644.151 billion for the week ending May 10.

On April 5, the reserves had reached an all-time high of $648.562 billion after several weeks of increases.

For the week ending May 10, foreign currency assets, a significant component of the reserves, grew by $3.361 billion to $569.009 billion, as per data released on Friday.

In dollar terms, these assets reflect the impact of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.

Gold reserves rose by $1.244 billion to $57.195 billion during the week.

The Special Drawing Rights (SDRs) increased by $113 million to $18.168 billion.

However, India's reserve position with the IMF decreased by $168 million to $4.327 billion in the reporting week, the RBI data indicated.

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