BusinessIndia's foreign exchange reserves jump $2.54 bn to $597.93 bn

India’s foreign exchange reserves jump $2.54 bn to $597.93 bn

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's foreign exchange reserves increased $2.54 billion to $597.93 billion for the week ended November 24, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had jumped $5.08 billion to $595.4 billion.

For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.53 billion, as per the data from the Reserve Bank of India (RBI).

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 $296 million to $46.34 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $87 million to $18.22 billion.

India's reserve position with the IMF rose $14 million to $4.85 billion in the reporting week, the apex bank data showed.

In October 2021, the country's foreign exchange kitty had reached an all-time high of $645 billion.

The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.

 

Northlines
Northlines
The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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