Mumbai: The foreign exchange reserves of India increased by $5.077 billion for the week ended November 17. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves reached at $595.397 billion. In the previous reporting week, the overall reserves had decreased by $462 million to $590.321 billion.
On October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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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The Foreign Currency Assets (FCAs), jumped by $4.39 billion to $526.39 billion. Gold reserves increased by $527 million to $46.04 billion. Special Drawing Rights (SDRs) saw a rise of $120 million, reaching $18.13 billion. The IMF’s reserve position has been increased by $42 million, reaching a total of $4.83 billion.
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