Markets

India’s forex reserves increase $1.9bn to $642bn

The Reserve Bank of India seal on a gate outside the RBI headquarters in Mumbai. File   | Photo Credit: Reuters

India’s forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank of India said on Friday.

The overall reserves had declined by $908 million to $640.1 billion at the end of the previous reporting week.

Foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to $578.462 billion for the reporting week, the RBI said in the weekly data.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in the foreign exchange reserves.

Value of the gold reserves increased by $572 million to $39.012 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $17 million to $19.304 billion. The country’s reserve position with the IMF increased by $1 million to $5.242 billion in the reporting week, the data showed.


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Printable version | Jan 28, 2022 6:16:34 PM | https://www.thehindu.com/business/markets/indias-forex-reserves-increase-19bn-to-642bn/article37341928.ece

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