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India's Forex Reserves Increase for 2nd Consecutive Week; Jumps $2.54 Billion To $547.25 Billion

News18 26-11-2022 Business Desk
India's Forex Reserves Increase for 2nd Consecutive Week; Jumps $2.54 Billion To $547.25 Billion © Provided by News18 India's Forex Reserves Increase for 2nd Consecutive Week; Jumps $2.54 Billion To $547.25 Billion

Rising for the second consecutive week, India’s forex reserves have increased $2.54 billion to $547.25 billion during the week ended November 18. In the previous week ended November 11, the reserves posted their steepest accretion since August 2021 and soared by $14.72 billion.

According to the Weekly Statistical Supplement released by the RBI on Friday, foreign currency assets (FCA), a major component of the overall reserves, increased by $1.76 billion to $484.29 billion during the week to November 18. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

In October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.

According to the latest RBI data, the gold reserves increased by $315 million to $40.011 billion. The special drawing rights (SDRs) were up by $351 million to $17.906 billion. The country’s reserve position with the IMF was also up by $111 million to $5.047 billion in the reporting week, the apex bank data showed.

The reserves peaked in September 2021 at over $642 billion.

The rupee on Friday rose after staying in a range of 81.65 to 81.90 in the last 5 days as the dollar index was stable at 105.84, Asian currencies fell from Thursday’s highs and Brent Oil rose by a dollar to $ 86.06 levels. At the higher level of the rupee i.e. 81.43, there was some good dollar buying as cash dollar shortage continues to hamper the rise in the rupee.

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