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Forex reserves rise by $896 mn at $57.96 bn

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 US dollar vis-a-vis the Euro during the week ended June 28.

The country's foreign exchange reserves swelled to $57.962 billion in the week ended June 28 as against $57.066 billion in the previous week, according to Reserve Bank of India's weekly statistical supplement issued in Mumbai on Saturday.

The foreign currency assets rose by $895 million at $54.703 billion, RBI said.

Special drawing rights grew by $1 million at $10 million while gold remained unchanged at $3.249 billion, the apex bank added.

In the week ended June 28, loans and advances to the central government decreased by Rs 27.21 billion at Rs 76.48 billion while that to the state governments increased by Rs 1.56 billion at Rs 51.68 billion.

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