India’s foreign exchange reserves jump $ 2.538 bln to USD 597.935 bln

Mumbai: India’s foreign exchange reserves increased USD 2.538 billion to USD 597.935 billion for the week ended November 24, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had jumped USD 5.077 billion to USD 595.397 billion.

For the week ended November 24, the foreign currency assets, a major component of the reserves, increased USD 2.14 billion to USD 528.531 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 USD 296 million to USD 46.338 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up USD 87 million to USD 18.218 billion.

India’s reserve position with the IMF rose USD 14 million to USD 4.848 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 USD 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.