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20
Aug 2013
Forex reserves rise; at $278.602 bn on Aug 9: RBI

India's foreign exchange reserves were up at USD 278.602 billion as on August 9, compared with USD 277.17 billion in the earlier week, the Reserve Bank of India (RBI) said on Friday.

The RBI does not give any weekly data on its forward dollar holdings, making it hard to infer from the forex reserves data whether it replenished the spot reserves through any intervention in swaps.

It is also likely that the RBI's intervention was limited by concerns over its shrinking reserves, which now barely cover seven months of imports.

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.

Foreign exchange reserves include India's reserve tranche position in the International Monetary Fund (IMF).
 

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