India’s foreign exchange (forex) reserves rose by $2.69bn to $286.26bn for the week ended November 22, helped by a sharp increase in foreign currency assets, Reserve Bank of India (RBI) data showed. Forex reserves had increased by $1.45bn to $283.57bn for the week ended November 15.
Foreign currency assets, the biggest component of the forex reserves, rose by $2.76bn to $258.66bn during the week under review, according to the RBI’s weekly statistical supplement.
The FCA had increased by $1.46bn to $255.90bn during the week ended November 15.
According to the RBI, the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.
However, India’s reserve position with the International Monetary Fund (IMF) fell by $78.4mn to $1.95bn, while the value of the special drawing rights (SDRs) rose by $9.1mn to $4.42bn.
The reserves with IMF had fallen by $2.00mn to $2.02bn in the week ended November 15, and the value of the SDRs dropped by $3.9mn to $4.41bn. The value of India’s gold reserves remained unchanged at $21.22bn during the week under review. Gulf Times