India's forex reserves soar by $ 11.020 billion to $ 561.162 billion

Mumbai, December 10, 2022

Maintaining an uptrend for the fourth consecutive week, India's foreign exchange reserves soared by $ 11.020 billion to $ 561.162 billion -- the highest in three months -- during the week ended December 2, the Reserve Bank of India (RBI) said here on Friday.

The country's forex reserves had gone up by $ 2.890 billion to $ 550.142 billion during the previous week.

The reserves are the highest since the week ended August 19, when they had stood at $ 564.053 bilion.

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 $ 9.694 billion to $ 496.984 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 $ 1.086 billion to $ 41.025 billion and its special drawing rights (SDRs) by $ 164 million to $18.045 billion during the week.

India's reserve position in the International Monetary Fund (IMF) increased by $ 75 million to $ 5.108 billion, the bulletin added.

NNN