India’s Forex Reserves: India’s foreign exchange reserves increased for the second week in a row, the RBI reported on Friday, rising by USD 2.537 billion to USD 547.252 billion for the week ended November 18.
The total kitty increased by USD 14.721 billion in the preceding reporting week, the largest weekly increase since August 2021, to USD 544.715 billion.
It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to support the rupee against pressure from international events.
In the week ending November 18, foreign currency assets (FCA), a significant portion of total reserves, rose by USD 1.76 billion to USD 484.288 billion, according to the Weekly Statistical Supplement published by the RBI on Friday.
The value of the appreciation or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms.
According to the report, the gold reserves climbed by USD 315 million to USD 40.011 billion. The Special Drawing Rights (SDRs) increased by USD 351 million to USD 17.906 billion.
The data from the apex bank also revealed that the nation’s reserve position with the IMF increased by USD 111 million to USD 5.047 billion in the reporting week.