Forex Reserves Rise By $1.9 Billion To Touch $642 Billion

The country's foreign exchange reserves increased by $1.919 billion to $642.019 billion for the week ending October 29 on an increase in the currency assets and value of gold, the Reserve Bank of India (RBI) said on Friday, November 5.

The overall reserves declined by $908 million to $640.1 billion at the end of the previous reporting week. The foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to $578.462 billion for the reporting week, according to the RBI's weekly data.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in the foreign exchange reserves. The value of the gold reserves increased by $572 million to $39.012 billion in the reporting week, according to RBI data.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $17 million to $19.304 billion. Additionally, the country's reserve position with the IMF increased by $1 million to $5.242 billion in the reporting week, according to the central bank.