India’s forex stocks jump $5.543 bn to $692.576 bn

Mumbai: India’s forex reserves jumped $5.543 billion to $692.576 billion during the week ended November 14 due to a steep increase in the value of gold reserves, the RBI said on Friday. The overall reserves had dropped by $2.699 billion to $687.034 billion in the previous reporting week.

For the week ended November 14, foreign currency assets, a major component of the reserves, increased by $152 million to $562.29 billion, the data released on Friday showed.

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.

Value of the gold reserves jumped by $5.327 billion to $106.857 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) grew by $56 million to $18.65 billion, the apex bank said.

India’s reserve position with the IMF increased by $8 million to $4.779 billion in the reporting week, the apex bank data showed.