Mumbai: The foreign exchange reserves in India surged for the third straight week. The weekly statistical supplement released by the Reserve Bank of India’s (RBI) revealed this.
As per the RBI data, the forex reserves rose to $550.14 billion in the week through Nov. 25. For the week ended November 18, the country’s reserves were at $547.25 billion. The forex reserves 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.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
FCAs gained by $3 billion to $487.28 billion for the week ending November 25. The gold reserves declined by $73 million to $39.93 billion.