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Forex reserves nearing $58b

MUMBAI JULY 6. India's foreign exchange reserves inched closer to the $58 billion mark with a massive jump of $896 million, largely due to the revaluation of the dollar vis-a-vis the Euro during the week ended June 28.

Foreign exchange reserves swelled to $57.962 billion in the week ended June 28 from $57.066 billion in the previous week, according to the Reserve Bank of India's weekly statistical supplement issued here today. Foreign currency assets rose by $895 million to $54.703 billion, the RBI said.

Special drawing rights grew by $1 million to $10 million while gold reserves remained unchanged at $3.249 billion.Foreign exchange reserves had recorded a similar increase during the weeks ended March 22 and 29, when they rose by $1.128 billion and $837 million respectively.

— PTI

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