India’s foreign exchange reserves increased by $1.657 billion to $586.412 billion, according to the data available with the Reserve Bank of India (RBI.)
The country’s forex reserves gained for a second consecutive week and witnessed a level not seen in more than nine months. Last week, the overall reserves surged by $6.306 billion to $584.755 billion. In dollar terms, the foreign currency assets included the effect of appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in the foreign exchange reserves.
According to the weekly statistical supplement of RBI released, gold reserves of the country declined by $521 million to $46.125 billion. The Special Drawing Rights (SDRs) were down by $38 million to $18.412 billion.
According to statistics from RBI, the nation’s reserve position with the International Monetary Fund (IMF) grew by $12 million to $5.19 billion during the reporting week. On Friday, in the foreign exchange market, the Rupee edged higher against the dollar. The partially convertible Rupee was hovering at 82.0950, compared with its close of 82.1750 during the previous trading session.