India’s forex reserves rise by $2.69 bn

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Mumbai, Nov 30 (IANS) India’s foreign exchange (forex) reserves rose by $2.69 billion to $286.26 billion for the week ended Nov 22, helped by a sharp increase in foreign currency assets, Reserve Bank of India (RBI) data showed.

Forex reserves had increased by $1.45 billion to $283.57 billion for the week ended Nov 15.

Foreign currency assets, the biggest component of the forex reserves, rose by $2.76 billion to $258.66 billion during the week under review, according to the RBI’s weekly statistical supplement.

The FCA had increased by $1.46 billion to $255.90 billion during the week ended Nov 15.

According to the RBI, the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies held in reserve, such as the pound sterling, euro and yen.

However, India’s reserve position with the International Monetary Fund (IMF) fell by $78.4 million to $1.95 billion, while the value of the special drawing rights (SDRs) rose by $9.1 million to $4.42 billion.

The reserves with IMF had fallen by $2.00 million to $2.02 billion in the week ended Nov 15, and the value of the SDRs dropped by $3.9 million to $4.41 billion.

The value of India’s gold reserves remained unchanged at $21.22 billion during the week under review.

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