Mumbai: Foreign exchange (forex) reserves of India surged $2.538 billion to $597.935 billion for the week ended November 24. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the overall reserves had jumped $5.077 billion to $595.397 billion.
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 increased $2.14 billion to $528.531 billion. Gold reserves were up $296 million to $46.338 billion during the week. The Special Drawing Rights (SDRs) were up $87 million to $18.218 billion. India’s reserve position with the IMF rose $14 million to $4.848 billion in the reporting week.
In October 2021, the country’s foreign exchange kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.
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