Mumbai: The foreign exchange reserves of the country surged for 4th 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 increased by $11.02 billion to $561.16 billion in the week ending December 2. The weakening of the US dollar against the Indian rupee and other major currencies is the reason for this surge. According to RBI Governor Shaktikanta Das, the nation’s foreign exchange reserves, valued at $561.16 billion, can pay for almost nine months’ worth of anticipated imports for 2022–2023.
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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.
The foreign currency assets (FCA), grew by $9.69 billion to $496.98 billion. The gold reserves rose by $1.09 billion to $41.025 billion during the reporting week. The Special Drawing Rights (SDRs) were down by $164 million to $18.04 billion, the apex bank said.
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