Mumbai: India’s foreign exchange (forex) reserves surged after eight weeks of fall. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
The forex reserves climbed by $1.51 billion to $658.091 billion during the week ended November 29.In the previous week, the country’s forex kitty had fallen by $1.31 billion to $ 656.58 billion. India’s forex reserves had dropped a record $17.761 billion to $ 657.89 billion in the previous reporting week ending November 15. The reserves, which had hit an all-time high of USD 704.885 billion in end-September, have been declining for multiple weeks.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
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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.
For the week ended November 29, foreign currency assets increased by $2.061 billion to $568.852 billion. .Gold reserves, however, slipped by $595 million to $66.979 billion. The Special Drawing Rights (SDRs) were up by $22 million to $18.007 billion. India’s reserve position with the IMF was also up by $22 million to $4.254 billion in the reporting week.
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