Foreign Exchange Reserves Rise By $568.9 Million

The country's foreign exchange reserves rose by $568.9 million to $393.580 billion in the week to November 16, mainly due to a spurt in foreign currency assets, according to RBI data. In the previous week, reserves had declined by $121.2 million to $393.01 billion. In the reporting week, foreign currency assets, a major component of overall reserves, increased by $506 million to $368.541 billion, as per the RBI data.

Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves.

Forex reserves had touched a record high of $426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over $31 billion.

Gold reserves rose by $73 million to $20.961 billion, the data showed.

The special drawing rights with the International Monetary Fund (IMF) declined by $5.7 million to $1.453 billion.

The country's reserve position with the IMF also dipped by $4.4 million to $2.623 billion, the apex bank said.