India's forex reserves go up by $ 2.890 billion to $ 550.142 billion

Mumbai, December 3, 2022

Continuing an uptrend for the third consecutive week, India's foreign exchange reserves went up by $ 2.890 billion to $ 550.142 billion during the week ended November 25, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had risen by $ 2.537 billion to $ 547.252 billion in the previous week.

In its weekly statistical supplement, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 3.001 billion to $ 487.289 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, however, fell by $ 73 million to $ 39.938 billion and its special drawing rights (SDRs) by $ 25 million to $17.881 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went down by $ 14 million to $ 5.033 billion, the bulletin added.

NNN