India’s forex reserves rise by $ 347 million to $ 448.596 billion
Business & Economy

India’s forex reserves rise by $ 347 million to $ 448.596 billion

NetIndian News Network

Mumbai, November 29, 2019

Maintaining an uptrend for the ninth successive week, India’s foreign exchange reserves went up by $ 347 million to a fresh high of $ 448.596 billion during the week ended November 22, the Reserve Bank of India (RBI) said here today.
The country’s forex reserves had risen by $ 441 million to $ 448.249 billion during the previous week.
In its weekly statistical supplement issued here, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had increased by $ 254 million to $ 416.725 billion during the week.
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
According to the bulletin, the country’s gold reserves rose by $ 87 million to $ 26.796 billion, while its special drawing rights increased by $ 5 million to $ 1.44 billion.
India’s reserve position in the International Monetary Fund (IMF) went up by $ 2 million to $ 3.635 billion, the bulletin added.
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