India’s forex reserves rise by $1.51 billion to $658.091 billion

 India’s foreign exchange reserves increased by $1.51 billion to $658.091 billion for the week ending November 29, as per the data shared by the Reserve Bank of India (RBI). In the previous week, the reserves had declined by $1.31 billion, bringing the total to $656.582 billion.

Earlier in November, the reserves saw a sharp drop of $17.761 billion, marking a significant dip in the recent trend. Foreign currency assets (FCA), the largest component of the reserves also rose by $2.061 billion. This brought their total to $568.852 billion. FCA values are expressed in US dollars and are influenced by fluctuations in non-US currencies such as the euro, pound, and yen.

Gold reserves, however, decreased by $595 million during the week, settling at $66.979 billion. India’s reserve position with the International Monetary Fund (IMF) increased slightly. It rose by $22 million to reach $4.254 billion. In September 2021, India’s forex reserves peaked at an all-time high of $704.885 billion. The latest figures reflect ongoing volatility in the reserve levels amid global economic uncertainties.