India's forex reserves rise to over $457 bn

India's forex reserves rise to over $457 bn

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Photo taken on Sept. 18, 2019 shows U.S. dollar banknotes in Washington D.C., the United States. U.S. Federal Reserve on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown, following a rate cut in July that was its first in more a decade. (Xinhua/Liu Jie/IANS)

Mumbai, Jan 3 (IANS) India's foreign exchange reserves continued to rise during the week ended December 27 to touch a new record high. The Reserve Bank of India's reserves rose by $2.52 billion during the week under review, official data showed on Friday. According to the RBI's weekly statistical supplement, the overall forex reserves increased to $457.46 billion from $454.94 billion reported for the week ended December 20. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's reserve position with the International Monetary Fund (IMF). On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.20 billion to $424.93 billion. Similarly, the RBI's weekly data showed that the value of the country's gold reserves rose by $260 million to $27.39 billion. However, the SDR value inched lower by $2 million to $1.44 billion, while the country's reserve position with the IMF increased by $58 million to $3.70 billion.

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