India’s foreign exchange reserves saw a significant increase of USD 5.077 billion to reach USD 595.397 billion during the week ended November 17, as reported by the Reserve Bank. This comes after a decrease of USD 462 million in the previous reporting week, bringing the total reserves to USD 590.321 billion.
The foreign currency assets, which make up a major portion of the reserves, also saw a rise of USD 4.387 billion to USD 526.391 billion in the same week, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
It’s worth noting that in October 2021, India’s forex reserves reached an all-time high of USD 645 billion. However, the reserves took a hit as the central bank used them to support the rupee in response to global pressures. The foreign currency assets are also affected by the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.
In addition to the increase in foreign currency assets, gold reserves also saw a boost of USD 527 million to reach USD 46.042 billion during the week, as per the RBI’s statement. The Special Drawing Rights also increased by USD 120 million to USD 18.131 billion.
Furthermore, India’s reserve position with the IMF rose by USD 42 million to USD 4.833 billion in the reporting week, as revealed by the RBI data. This signals a positive trend in India’s overall forex reserves and reflects the country’s ability to maintain a strong position in the global economy.
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