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India's forex reserves register biggest weekly high in over a year, shows RBI data Forex Reserves
Image Credit: Public Domain Pictures for Pixabay

India's forex reserves register biggest weekly high in over a year, shows RBI data

India Blooms News Service | @indiablooms | 19 Nov 2022, 01:29 pm

Mumbai: India's foreign exchange reserves shot up to the highest level during the week ended November 11 in the biggest weekly jump recorded in over a year.

The data released Friday by the Reserve Bank of India (RBI) showed the foreign exchange reserves swelled by a whopping $14.72 billion to $544.715 billion, the biggest jump since August 2021.

In the week ending October 21,  forex reserves had slumped to an over two-year low of $524.52 billion.

The sharp jump has been likely fuelled by the softer dollar and changes in the central bank's forward book.

The forex reserves had dipped for 11 weeks out of 13 till last week.

The jump in the foreign exchange reserves is likely on the back of a surge in Foreign Currency Assets (FCA).

FCA constitutes a bigger part of the overall reserves, according to the Weekly Statistical Supplement released by RBI.

Foreign currency assets grew $11.8 billion to $482.53 billion for the week ending Nov 11.

Gold reserves registered a rise of $2.64 billion to $39.70 billion.

Expressed in dollar terms, FCA reflects the effect of appreciation or depreciation of non-US units like the euro, pound and yen that are part of India's foreign exchange reserves.

For the week ended Nov 11, the rupee showed its best weekly performance in nearly four years. It improved 2% last week as the dollar index slid, which was brought on by the softer-than-expected U.S. inflation data.