The country’s foreign exchange reserves increased by USD 932.8 million to USD 393.718 billion in the week to November 30, mainly due to a rise in foreign currency assets, according to RBI data. In the previous week, the reserves had dropped by USD 795 million to USD 392.785 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, jumped by USD 787.9 million to USD 368.487 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, pound and 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 151.8 million to USD 21.150 billion in the reporting week, the data showed. The special drawing rights with the International Monetary Fund (IMF) dipped by USD 2.5 million to USD 1.454 billion. The country’s reserve position with the IMF also decline by USD 4.4 million to USD 2.625 billion, the apex bank said.
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Source: Financial Express