India’s Forex Reserves Grow For Second Consecutive Week, Rise $2.54 Billion To $547.25 Billion

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

According to PTI report, in the previous reporting week, the overall reserve had swelled by $14.721 billion in the highest weekly rise since August 2021 to $544.715 billion. It can be noted that in October 2021, the country’s forex reserve had reached an all-time high of $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 $1.76 billion to $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 $315 million to $40.011 billion, it said. The Special Drawing Rights (SDRs) were up by $351 million to $17.906 billion, the apex bank said.

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

Meanwhile, according to a news report last week, the RBI may have bought more than $8 billion from the market in less than a month boosting foreign-exchange reserves and improving rupee liquidity by as much as Rs 67,000 crores since the Diwali week.

India’s Forex reserves have risen at their fastest pace in more than 14 months for the October 28 weekend. There are indications that reserves have climbed again in the week to November 11. India’s foreign-exchange reserves had declined about $100 billion since February this year.

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