India’s forex reserves have experienced an increase of USD 5.077 billion, reaching a total of USD 595.397 billion during the week ended November 17, according to a statement from the Reserve Bank on Friday. The previous week saw a decline in the reserves USD 462 million, with a total of USD 590.321 billion.
For the week ended November 17, the foreign currency assets, a significant component of the reserves, increased USD 4.387 billion to USD 526.391 billion, as per the Weekly Statistical Supplement released the Reserve Bank of India (RBI).
In October 2021, India’s forex reserves had reached an all-time high of USD 645 billion. The reserves were utilized the central bank to defend the rupee against pressures arising from global developments since last year.
Expressed in dollar terms, the foreign currency assets include the impact of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves also experienced an uptick of USD 527 million to USD 46.042 billion during the week, as stated the RBI.
Furthermore, the Special Drawing Rights saw an increase of USD 120 million to USD 18.131 billion, and India’s reserve position with the IMF grew USD 42 million to USD 4.833 billion in the reporting week, according to the RBI data.