Mumbai: The foreign exchange reserves of India gained for second week in a row. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed this.
As per the data released by the apex bank, the forex reserves surged to $547.25 billion in the week ended November 18. For the week ended November 11, the forex reserves were at $544.72 billion. The forex reserves edged higher by $2.54 billion on this week. India’s foreign exchange reserves rose by $14.721 billion to $544.72 billion in the week through November 11. It was the biggest weekly jump in more than a year.
Also Read: FIFA World Cup 2022: Australia beat Tunisia
The forex reserves have declined from $632.7 billion at the beginning of this year, as the RBI has sold a portion of the reserves to ease volatility in the currency markets.
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.
FCAs gained by $1.76 billion to $484.29 billion for the week ending November 18. The gold reserves rose $315 million to $40.01 billion. The Special Drawing Rights (SDRs) were up by $351 million to $17.906 billion. . The country’s reserve position with the International Monetary Fund (IMF) rose by $111 million to $5.047 billion.
Post Your Comments