Forex reserves rise $5.54 bn to new high of $692.57 bn

India’s foreign exchange reserves surged by USD 5.543 billion to USD 692.576 billion for the week ended November 14, marking a strong rebound driven primarily by a sharp rise in the value of gold holdings, according to data released by the Reserve Bank of India (RBI) on Friday.The increase comes after reserves had declined by USD 2.699 billion in the previous reporting week, when they stood at USD 687.034 billion. The latest rise reinforces India’s robust external sector position, supported by stable capital flows and steady macroeconomic fundamentals.
Foreign currency assets (FCAs), the largest component of the reserves, edged up by USD 152 million to USD 562.29 billion. The RBI noted that FCAs expressed in dollar terms also reflect the impact of movements in non-US currencies such as the euro, pound, and yen.The standout contributor to the weekly rise was gold reserves, which jumped by USD 5.327 billion to USD 106.857 billion. The surge reflects both valuation gains and stronger global bullion prices, boosting India’s overall reserve buffer.Special Drawing Rights (SDRs) with the IMF increased by USD 56 million to USD 18.65 billion, while India’s reserve position with the IMF also rose by USD 8 million to USD 4.779 billion during the week,according to information.

(Business Correspondent)