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India forex reserves rise to $295.71 bn
December 15, 2013, 6:07 am

The RBI has received $34 billion via the two concessional swap facilities launched in September to support the rupee [AP]

The RBI has received $34 billion via the two concessional swap facilities launched in September to support the rupee [AP]

The Central Bank of India has announced India’s foreign exchange reserves added $4.41 billion to $295.71 billion in the week ended December 6 on account of a rise in foreign currency assets.

Last week, the reserves recorded the single biggest weekly gain since October 2011 surging by a whopping $5.04 billion to $291.3 billion.

Foreign currency assets (FCAs), which form a major part of the overall reserves, jumped by $5.019 billion to $268.755 billion for the week under review, the Reserve Bank of India (RBI) said.

The RBI has received $34 billion via the two concessional swap facilities launched in September to support the rupee.

Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves, the RBI said in its weekly statistical supplement.

During the week under review, the gold reserves dropped by $624.2 million to $20.603 billion, while the special drawing rights rose by $8.9 million to $4.442 billion.

India’s reserve position with the IMF rose by $3.8 million to $1.909 billion during the period, the RBI data showed.

 

Source: Agencies

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