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Foreign exchange reserves cross $600 billion mark for first time

MUMBAI: The nation’s international trade reserves crossed the $600 billion mark for the primary time after rising by $6.842 billion within the week ended June four, RBI knowledge confirmed on Friday.
The reserves surged to a file $605.008 billion within the reporting week, helped by an increase in international foreign money property (FCA), a significant part of the general reserves, as per weekly knowledge by the Reserve Financial institution of India (RBI).
Within the earlier week ended Could 28, 2021, the reserves had swelled by $5.271 billion to $598.165 billion.
Within the reporting week, FCA jumped by $7.362 billion to $560.890 billion, the information confirmed.
Expressed in greenback phrases, the international foreign money property embody the impact of appreciation or depreciation of non-US items just like the euro, pound and yen held within the international trade reserves.
Gold reserves declined by $502 million to $37.604 billion.
The particular drawing rights (SDRs) with the Worldwide Financial Fund (IMF) dipped $1 million to $1.513 billion.
The nation’s reserve place with the IMF additionally dropped by $16 million to $5 billion within the reporting week, the information confirmed.

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