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India’s forex reserves up $1.43 billion

India’s foreign exchange reserves grew by $1.43 billion to $316.31 billion for the week ended Nov 28, Reserve Bank of India (RBI) data showed.

The reserves had fallen by $672.4 million to $314.87 billion in the week ended Nov 21.

According to the RBI’s weekly statistical supplement, foreign currency assets, the biggest component of the forex reserves, rose $1.42 billion at $290.82 billion in the week under review.

The foreign currency assets had declined $664.3 million at $289.39 billion in the previous week (Nov 21).

The RBI said the foreign currency assets, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.

India’s reserve position with the International Monetary Fund (IMF) was up $2.5 million to $1.52 billion.

The value of special drawing rights (SDRs) was higher by $6.4 million at $4.22 billion.

The value of gold reserves which was static since Oct 3 at $20.01 billion and had declined by 275 million at $19.73 billion for the week ended Oct 31, stayed the same in the week ended Nov 21.

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