India's forex reserves jump $5.08 billion to $595.40 billion

India’s reserve position with the IMF was up $42 million to $4.833 billion in the reporting week, the RBI data showed.

India’s forex reserves increased by $5.077 billion to $595.397 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined $462 million to $590.321 billion.

For the week ended November 17, the foreign currency assets, a major component of the reserves, increased $4.387 billion to $526.391 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI). It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

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. Gold reserves were up USD 527 million to $46.042 billion during the week, the RBI said. The Special Drawing Rights were up $120 million to $18.131 billion, it said. India’s reserve position with the IMF was up $42 million to $4.833 billion in the reporting week, the RBI data showed.