India's Forex Reserves Grow For Second Straight Week To $547.25 Billion

India's forex reserves have grown by $2.537 billion to $547.252 billion for the week ended November 18.

<div class="paragraphs"><p>U.S. dollar bill. (Photo: Vladimir Solomianyi /Unsplash)</p></div>
U.S. dollar bill. (Photo: Vladimir Solomianyi /Unsplash)

In the second consecutive week of an increase in the kitty, India's forex reserves have grown by $2.54 billion to $547.3 billion for the week ended Nov. 18, the RBI said on Friday.

In the previous reporting week, the overall kitty had swelled by $14.7 billion in the highest weekly rise since August 2021 to $544.7 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments.

Foreign currency assets, a major component of the overall reserves, increased by $1.76 billion to $484.288 billion during the week to November 18, according to the Weekly Statistical Supplement released by the RBI on Friday.

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.

The gold reserves increased by $315 million to $40 billion, it said.

The Special Drawing Rights were up by $351 million to $17.9 billion, the apex bank said.

The country's reserve position with the IMF was also up by $111 million to $5.05 billion in the reporting week, the apex bank data showed.