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India's foreign exchange reserves rebounded by $938 million to $682.321 billion in the week ending May 28, reversing the previous week's decline. This rise was primarily driven by an increase in foreign currency assets, despite a dip in gold reserves. The overall reserves had previously fallen due to Middle East conflict-related interventions.

India and the US are making rapid progress towards resolving the remaining issues in their proposed interim trade arrangement, with both countries expected to implement the first phase of the agreement by the middle of next month, Goyal said.