Mumbai: Foreign exchange reserves of India surged at fastest pace since August 2021. The weekly statistical supplement data released by Reserve Bank of India (RBI) revealed this. Forex reserves have reported a weekly increase six times so far in this fiscal. Prior to this, they had risen by $6.6 billion for the week ended October 28.
The forex reserves is still down from around $630 billion at the beginning of this year as the RBI sold a portion of the reserves to prevent a sharp fall in the rupee this year.
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
As per the data, forex reserve rose to $544.72 billion for the week ended on November 11. The forex reserves surged by $14.7 billion in the week. FCAs surged by $11.8 billion to $482.527 billion. Gold assets surged by $2.6 billion to $39.69 billion.
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