India’s foreign exchange reserves rise by over USD 2.5 bn to record high of USD 575.290 bn | Economy News

India's foreign exchange reserves rise by over USD 2.5 bn to record high of USD 575.290 bn

Mumbai: India`s foreign exchange reserves rose by USD 2.51 billion during the week ended November 20. According to the Reserve Bank of India`s weekly statistical supplement, the reserves increased to USD 575.290 billion from USD 572.771 billion reported for the week ended November 13.

India`s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country`s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by USD 2.83 billion to USD 533.10 billion.

The FCA reflects appreciation or depreciation of currencies like the Euro, GBP and Yen held in the foreign exchange reserves, expressed in dollar terms. According to experts the surge in FCA was largely on the back of RBI intervention in the currency market to arrest the slide of rupees.

However, the value of the country`s gold reserves decreased by USD 339 million to USD 36.015 billion.

Nevertheless, the SDR value gained USD 4 million at USD 1.492 billion, while the country`s reserve position with the IMF rose by USD 19 million to USD 4.68 billion.

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