India’s forex reserves rise by $3.51 bn to $446 bn

U.S. dollars

Mumbai, India’s foreign exchange reserves rose by $3.51 billion during the week ended November 1, official data showed on Friday.

According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves increased to $446.09 billion from $442.58 billion reported for the week ended October 25.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs — the largest component of the forex reserves — edged higher by $3.20 billion at $413.65 billion.

The RBI’s weekly data also showed that the value of the country’s gold reserves went up by $301 million to $27.35 billion.

The country’s reserve position with the IMF rose by $10 million to $3.64 billion, while the SDR value went up by $2 million to $1.44 billion.