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RBI News: The country’s foreign exchange reserves fell by $462 million to $590.32 billion in the week ended November 10. Last week, the country’s total currency reserves rose by $4.67 billion to $590.78 billion. The Reserve Bank of India (RBI) gave this information on Friday.
In October 2021, the country’s foreign exchange reserves reached an all-time high of $645 billion. But last year, amid pressure from global growth, the RBI used these capital reserves to stem the fall in the rupee’s exchange rate, which led to a decline in foreign exchange reserves.
What the statistics say: Foreign exchange assets, an important part of foreign exchange reserves, rose by $108 million to over $522 billion in the week ended November 10, according to the Reserve Bank’s weekly data. Foreign currency assets denominated in dollars also take into account the effects of moves in non-US currencies such as the euro, pound and yen. Gold reserves fell by $608 million to $45.51 billion.
According to the data, Special Drawing Rights (SDR) increased by $36 million to $18.01 billion. This week, the country’s currency reserves with the International Monetary Fund (IMF) increased by $3 million to $4.79 billion.