India's Forex Reserves Reach $595.397 Billion, Up By $5.08 Billion

Foreign exchange reserves of India rose by $5.077 billion to $595.397 billion for the week ending November 17, showed the latest data by the Reserve Bank of India (RBI) on Friday.

Earlier for the week ending on November 10, forex reserves saw a dip of $462 million to $590.32 billion.

As per the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) rose by $4.39 billion to $526.39 billion. Denoted in dollar terms, the FCAs include the effect of a fall or gain in non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by $527 million to $46.04 billion, while SDRs gained $120 million to $18.13 billion.
Reserve position in the IMF expanded by $42 million to $4.83 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been falling as the RBI deploys the kitty to defend the rupee amidst pressures caused majorly by global developments.

The Indian rupee ended at a record closing low at 83.3675 against the US Dollar on Friday, weighed down by weakness in its Asian peers and dollar demand from foreign banks.