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India’s forex reserve crosses historic high of $500 billion

India’s forex reserve, for the first time, crossed the $500 billion mark during the week ended June 5. 

According to RBI’s weekly statistical supplement released on Friday, India’s forex reserves surged by $8.22 billion during the reporting week ended June 5 to touch $501.70 billion helped by whopping rise in foreign currency assets (FCA).

In the previous week ended May 29, the total reserves had increased by $3.44 billion to $493.48 billion. 

The foreign currency assets, which are expressed in dollar terms, reflects the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in foreign exchange reserves.

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