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Business News/ News / India/  India's forex reserve rise for second week to $547.25 bn
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India's forex reserve rise for second week to $547.25 bn

Foreign currency assets rose $1.76 billion to $484.29 billion for the week ending November 18

Photo: AFPPremium
Photo: AFP

India's forex reserves increase by $2.54 billion to $547.25 billion for the week ended November 18, according to data released by Reserve Bank of India.

The rise in the foreign exchange reserves can be attributed to gains in the Foreign Currency Assets (FCA), which is a major component of the overall reserves, according to the Weekly Statistical Supplement released by RBI.

Foreign currency assets rose by $1.76 billion to $484.29 billion for the week ending November 18 according to the Weekly Statistical Supplement released by the RBI on Friday.

Gold reserves rose by $315 million to $40.01 billion.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The Special Drawing Rights (SDRs) were up by $351 million to USD 17.906 billion, the apex bank said.

The country's forex reserve position with the IMF was also up by $111 million to $5.047 billion in the reporting week, the apex bank data showed.

India's foreign exchange reserves rose by $14.721 billion to $544.72 billion in the week through November 11, marking their biggest weekly jump in more than a year.

Overall, they have declined from $632.7 billion at the beginning of this year, as the RBI has sold a portion of the reserves to ease volatility in the currency markets.

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Published: 25 Nov 2022, 05:29 PM IST
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