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Peak level recorded at $26.84 billion

India's foreign currency assets reached a peak level of $ 26.84 billion on December 24, 1998, according to the Reserve Bank of India.

The previous high recorded was on August 29, 1997, when the foreign currency assets touched $ 25.43 billion.

Compared with end-December 1997, India's foreign currency assets showed an increase of $ 2.87 billion on December 24, 1998.

The level of foreign exchange reserves, which include gold and Special Drawing Rights, was $ 29.96 billion December 24, 1998.

This was slightly lower then the previous peak of $ 30.24 billion reached on August 29, 1997. The increase in foreign exchange reserves during the year 1998 (up to December 24) was $ 2.61 billion, which was slightly lower than the increase in foreign currency assets during the same period.

This is explained by the next change in the value of assets held in the form of gold and SDRs in the reserves during the period.

UNI

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