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India’s forex up $419 million

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Mumbai: India`s foreign exchange reserves grew by $419.4 million to $315.55 billion for the week ended Nov 14, Reserve Bank of India (RBI) data showed.

The reserves had fell by $778.4 million to $315.13 billion for the week ended November 7.

According to the RBI`s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, gained $422.7 million at $290.06 billion in the week under review.
The foreign currency assets had declined by $726 million at $289.63 billion in the previous week (Nov 7).

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India`s reserve position with the International Monetary Fund (IMF) was down $0.9 million to $1.52 billion.

The value of special drawing rights (SDRs) was lower by $2.4 million at $4.22 billion.

The value of gold reserves which was static since Oct 3 at $20.01 billion and had declined by 275 million at $19.73 billion for the week ended Oct 31, stayed the same in the week ended Nov 14.

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