India’s forex reserves surged by USD 5.077 billion to reach USD 595.397 billion during the week ended November 17, as announced by the Reserve Bank on Friday. This increase comes after a decline of USD 462 million in the previous reporting week, bringing the total kitty to USD 590.321 billion.
According to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI), foreign currency assets, a major component of the reserves, grew by USD 4.387 billion to USD 526.391 billion during the week ended November 17. The country’s forex reserves had hit an all-time high of USD 645 billion in October 2021.
The central bank had previously used the reserves to defend the rupee amid pressures from global developments since last year, leading to a decrease in the reserves. The foreign currency assets also factor in the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves when expressed in dollar terms.
The RBI reported that gold reserves increased by USD 527 million to reach USD 46.042 billion, while Special Drawing Rights went up by USD 120 million to USD 18.131 billion. India’s reserve position with the IMF also saw an increase of USD 42 million to USD 4.833 billion in the reporting week, according to the RBI data.
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