India's forex reserves rise by $ 6.561 billion to $531.081 billion

Mumbai, November 5, 2022

Reversing a two-week downtrend, India's foreign exchange reserves rose by $ 6.561 billion to $ 531.081 billion in the week ended October 28, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had dipped by $ 3.847 billion to $ 524.520 billion, a two-year-low, 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 $ 5.772 billion to $ 470.847 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 up by $ 556 million to 37.762 billion while its special drawing rights (SDRs) increased by $ 185 million to $17.625 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 48 million to $ 4.847 billion, the bulletin added.

NNN