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India's forex reserves shrink by $462 million in the week ending Nov 10
Photo Courtesy: Pixabay

India's forex reserves shrink by $462 million in the week ending Nov 10

| @indiablooms | 17 Nov 2023, 11:53 pm

Mumbai: India's foreign exchange reserves declined by $462 million to reach $590.321 billion for the week ending November 10, the Reserve Bank of India said on Friday.

Last week, the total reserves showed an increase of $4.672 billion, totalling $ 590.783 billion.

In October 2021, the nation's foreign exchange reserves had achieved a record high of $645 billion.

However, the reserves were reduced as the central bank used them to safeguard the rupee, primarily in response to global developments since the previous year.

For the week ending November 10, the foreign currency assets, a critical component of the reserves, rose by $108 million to reach $522.004 billion, as indicated in the Weekly Statistical Supplement released by the Reserve Bank of India.

In terms of US dollars, the foreign currency assets are affected by the fluctuation in the value of non-US currencies such as the euro, pound, and yen, which are part of the foreign exchange reserves.

The Reserve Bank reported a decrease of $608 million in gold reserves, bringing the total to $45.515 billion for the week.

The Special Drawing Rights (SDRs) witnessed an increase of $36 million, reaching $18.011 billion, according to the central bank.

The data revealed that India's reserve position with the International Monetary Fund (IMF) rose by $3 million to $4.791 billion during the reporting week.

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