Mumbai: India’s foreign exchange reserves rose by $4.672 billion to $590.783 billion during the week ended on November 3. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
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.
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Foreign currency assets rose by $4.392 billion. The overall value of the gold held was up by $200 million at $46.123 billion. The country’s special drawing rights increased by $64 million to $17.975 billion, while its reserve position with the International Monetary Fund rose $16 million to $4.789 billion.
‘The rupee remained in a trading range of 83.13 to 83.30 for the entire week unless RBI decided that enough was enough and allowed a break in the range of 83.30, today, as the rupee made a lifetime low of 83.4875 and a closing low of 83.35. For the coming week, the US dollar will be bought on all dips against the rupee as the range goes from 83.15 to 83.50 in a holiday shortened week. Brent crude oil down at $80.81 is an advantage for the rupee but the shortage of dollar has taken away the fruits of the advantage,’ said Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP.
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