Mumbai: The foreign exchange reserves of India touched a seven-week high in the week ended on November 3. India’s foreign exchange reserves rose by $4.7 billion to $590.78 billion during the week. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
On October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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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.
Foreign currency assets (FCAs) were up by $4.39 billion to $521.9 billion. The country’s special drawing rights increased by $64 million to $17.975 billion. India’s reserve position with the International Monetary Fund rose $16 million to $ 4.789 billion. The value of the country’s gold reserves also surged by $200 million at $46.123 billion.
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