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India's foreign exchange reserves surge by $ 2.538 billion to $ 597.935 billion
Photo Courtesy: Pixabay

India's foreign exchange reserves surge by $ 2.538 billion to $ 597.935 billion

| @indiablooms | 09 Dec 2023, 12:21 am

Mumbai: India's foreign exchange reserves swelled by USD 2.538 billion, reaching USD 597.935 billion for the week ending November 24, according to the Reserve Bank.

Last week, the total reserves had surged by USD 5.077 billion, reaching USD 595.397 billion.

For the week ending November 24, the key component of the reserves, foreign currency assets, rose by USD 2.14 billion to USD 528.531 billion, according to the Reserve Bank of India (RBI).

The foreign currency assets, when expressed in dollars, factor in the impact of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves increased by USD 296 million to USD 46.338 billion during the same week, as stated by the RBI.

Special Drawing Rights (SDRs) witnessed a rise of USD 87 million, reaching USD 18.218 billion. India's reserve position with the International Monetary Fund (IMF) also increased by USD 14 million to USD 4.848 billion in the reported week, according to data from the central bank.

In October 2021, India's foreign exchange reserves had reached an all-time high of USD 645 billion.

However, the reserves experienced a decrease as the central bank utilized them to defend the rupee amid pressures stemming largely from global developments since the previous year.

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