India's forex reserves rise by $ 2.908 billion to $ 564.070 billion

Mumbai, December 17, 2022

Continuing an uptrend for the fifth consecutive week, India's foreign exchange reserves rose by $ 2.908 billion to $ 564.070 billion during the week ended December 9, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had soared by $ 11.020 billion to $ 561.162 billion -- the highest in three months -- during 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 risen by $ 3.141 billion to $ 500.125 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 went down by $ 296 million to $ 40.729 billion whille its special drawing rights (SDRs) increased by $ 61 million to $ 18.106 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 2 million to $ 5.110 billion, the bulletin added.

NNN