Thursday 17 January 2019
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business-standard - 6 days ago

Forex kitty swells by USD 2.68 bn to USD 396 bn

The country s foreign exchange reserves jumped by USD 2.68 billion -- one of the largest increases in recent months -- to touch USD 396.084 billion in the week to January 4, driven by a rise in core currency assets and gold holdings, RBI data showed Friday. The overall reserves had increased by USD 116.4 million to USD 393.404 billion in the previous reporting week. In the reporting week, foreign currency assets, a major component of the overall reserves, rose by USD 2.215 billion to USD 370.292 billion. Expressed in US dollars, forex assets include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves. The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been fluctuating and mostly sliding. One of the major reasons for the decline is that the central bank has been selling dollars in the market to contain rupee volatility. In the first five months of ..

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