Forex reserves up by USD 568.9 mn to USD 393.58 bn

Mumbai: The country’s foreign exchange reserves rose by USD 568.9 million to USD 393.580 billion in the week to November 16, mainly due to a spurt in foreign currency assets, according to RBI data.

In the previous week, reserves had declined by USD 121.2 million to USD 393.01 billion.

In the reporting week, foreign currency assets, a major component of overall reserves, increased by USD 506 million to USD 368.541 billion, as per the RBI data.

Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion.

Gold reserves rose by USD 73 million to USD 20.961 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) declined by USD 5.7 million to USD 1.453 billion.

The country’s reserve position with the IMF also dipped by USD 4.4 million to USD 2.623 billion, the apex bank said.