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India’s Foreign Exchange Reserves Surge Over $4 Billion

Mumbai: India’s foreign exchange reserves rose $4.277 billion to a lifetime high of USD 572.771 billion in the week ended November 13, RBI data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, reserves increased to $572.771 billion from $568.494 billion reported for the week ended November 6.

In the previous week ended November 6, the reserves had risen by a massive USD 7.779 billion to USD 568.494 billion.

In the reporting week, the jump in reserves was on account of an increase in foreign current assets (FCAs), a major component of the overall reserves.

FCAs climbed by USD 5.526 billion to USD 530.268 billion, the Reserve Bank of India’s weekly data showed. However, the value of the country’s gold reserves decreased by $1.233 billion to $36.354 billion.

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.

The gold reserves declined by USD 1.233 billion in the reporting week to USD 36.354 billion, as per the data.

The special drawing rights with the International Monetary Fund (IMF) remained unchanged at USD 1.488 billion.

The country’s reserve position with the IMF dipped by USD 15 million to USD 4.661 billion during the reporting week.

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).

(With Agency Inputs)

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