India’s Forex Reserves Jump USD 1.51 Billion to USD 658.091 Billion, End Consecutive Declines

Mumbai, December 6: India's forex reserves increased by USD 1.51 billion to USD 658.091 billion for the week ended November 29, the RBI said on Friday. The overall reserves had dropped by USD 1.31 billion to USD 656.582 billion in the previous reporting week. The kitty has witnessed a declining trend in the recent past and had dropped by a record USD 17.761 billion in the week prior to the last.

The forex reserves had increased to an all-time high of USD 704.885 billion in end-September. For the week ended November 29, foreign currency assets, a major component of the reserves, increased by USD 2.061 billion to USD 568.852 billion, the data released on Friday showed. EAM S Jaishankar Says India, Japan and Taiwan Can Create Something ‘Potentially Important’ in Semiconductor Sector.

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 decreased by USD 595 billion to USD 66.979 billion during the week, the RBI said. RBI To Link FX-Retail Platform to Bharat Connect for Wider Access to Transparent, Fair Foreign Exchange Deals.

The Special Drawing Rights (SDRs) were up by USD 22 million to USD 18.007 billion, the apex bank said. India's reserve position with the IMF was also up by USD 22 million to USD 4.254 billion in the reporting week, the central bank data showed.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)