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Foreign exchange rises to all-time high of $340 billion

India's foreign exchange reserves shot up to an all-time high of US $339.99 billion, after a US $4.26-billion increase over the week ended March 20, driven by a rise in core currency assets, as per RBI data released today.

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India's foreign exchange reserves shot up to an all-time high of US $339.99 billion, after a US $4.26-billion increase over the week ended March 20, driven by a rise in core currency assets, as per RBI data released today.

Total reserves had dropped by US $2.06 billion to US $335.73 billion in the previous week, after touching an all-time high at US $338.079 billion a week earlier.

The foreign currency assets, the biggest component of the reserves, grew US $4.54 billion to US $314.88 billion for the week, as per the data.

Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and yen, held in the reserves.

However, the massive decline in the country's reserve position with the IMF, which was down US $295.8 million to US $1.289 billion.

The country's gold reserves remained unchanged at US $19.837 billion for the reporting week.

The special drawing rights increased by US $18.2 million to US $3.978 billion for the reporting week. 

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