In the week ending November 17, India’s forex reserves rose 5.077 billion to 595.397 billion while foreign currency assets rose 4.387 billion to 526.391 billion. Indian Reserve Bank declared greater IMF reserves…
India’s currency reserves grew by USD 5.077 billion to USD 595.397 billion last week, the Reserve Bank said Friday. Last week, the kitty fell USD 462 million to USD 590.321 billion.
According to the RBI’s Weekly Statistical Supplement, foreign currency assets, a major component of reserves, rose from USD 4.387 billion to USD 526.391 billion for the week ending November 17.
October 2021 saw the country’s forex kitty reach a record USD 645 billion. The central bank used its reserves to preserve the currency under global challenges since last year.
In dollar terms, foreign currency assets include the appreciation or depreciation of non-US currencies like the euro, pound, and yen in foreign exchange reserves. Gold reserves rose USD 527 million to USD 46.042 billion this week, the RBI reported.
Special Drawing Rights rose 120 million to 18.131 billion, it said. RBI data revealed India’s IMF reserve position rose USD 42 million to USD 4.833 billion in the reporting week.
Conclusion
Indian currency reserves rose 5.077 billion to USD 595.397 billion in the week ended November 17, according to the Reserve Bank of India. Foreign currency assets, a major reserve, rose from USD 4.387 billion to USD 526.391 billion. The central bank’s use of the kitty to defend the rupee amid global developments since last year reduced FX reserves. The Reserve Bank increased gold reserves by USD 527 million to USD 46.042 billion and Special Drawing Rights by USD 120 million to USD 18.131 billion. India’s IMF reserve rose 42 million to 4.833 billion in the reporting period.
