forex reserves grow for 2nd consecutive week rise $254 bn to $54725 bn

Forex reserves grow for 2nd consecutive week; rise $2.54 bn to $547.25 bn

In the second consecutive week of an increase in the kitty, India’s forex reserves have grown by USD 2.537 billion to USD 547.252 billion for the week ended November 18, the RBI said on Friday.

In the previous reporting week, the overall kitty had swelled by USD 14.721 billion in the highest weekly rise since August 2021 to USD 544.715 billion.

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

Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 1.76 billion to USD 484.288 billion during the week to November 18, according to the Weekly Statistical Supplement released by the RBI on Friday.

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 increased by USD 315 million to USD 40.011 billion, it said.

The Special Drawing Rights (SDRs) were up by USD 351 million to USD 17.906 billion, the apex bank said.

The country’s reserve position with the IMF was also up by USD 111 million to USD 5.047 billion in the reporting week, the apex bank data showed.

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