India's forex reserves soar by $ 14.721 billion to $ 544.715 billion

Mumbai, November 19, 2022

India's foreign exchange reserves soared by $ 14.721 billion to $ 544.715 billion in the week ended November 11, the highest weekly rise in more than a year, the Reserve Bank of India (RBI) said on Friday.

India's foreign exchange reserves had fallen by $ 1.087 billion to $ 529.994 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 jumped up by $ 11.800 billion to $ 482.527 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 $ 2.639 billion to $ 39.696 billion while its special drawing rights (SDRs) increased by $ 165 million to $17.555 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 116 million to $ 4.936 billion, the bulletin added.

NNN