India’s forex reserves increased by $2.49 billion to $719.547 billion during the week ended November 6, according to the RBI data released on Friday.
In the previous week, the forex reserves had dropped by $2.691 billion to $717.056 billion.
The reserves had touched an all-time high of $785.706 billion during the week ended September 4, driven by a heavy flow of currency as part of a special concessional swap for deposits from the diaspora through which banks raised a record $133 billion, but had been on a decline ever since.
During the week ended November 6, foreign currency assets, a major component of reserves, increased by $232 million to $591.350 billion, according to the data released by the Reserve Bank of India (RBI).
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
The value of gold reserves increased sharply by $2.205 billion to $104.796 billion during the week, RBI said.
The Special Drawing Rights (SDRs) were up by $52 million to $18.610 billion, the central bank said. India’s reserve position with the IMF was up by $1 million to $4.791 billion, RBI said.
