India’s foreign exchange reserves surge by $5.08 billion to reach $595.40 billion.

India’s forex reserves increased by USD 5.077 billion to USD 595.397 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined USD 462 million to USD 590.321 billion.

For the week ended November 17, the foreign currency assets, a major component of the reserves, increased USD 4.387 billion to USD 526.391 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).

It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves were up USD 527 million to USD 46.042 billion during the week, the RBI said.

The Special Drawing Rights were up USD 120 million to USD 18.131 billion, it said.

India’s reserve position with the IMF was up USD 42 million to USD 4.833 billion in the reporting week, the RBI data showed.