The rebound halted consecutive weeks of decline that had previously pulled the stockpile down to $717.057 billion in late October. However, currency valuation effects caused the total reserves to contract when measured in Indian rupees, falling by Rs 49,742 crore. This recovery leaves the overall holdings trailing the historical peak of $785.7 billion recorded in early September. A substantial surge in gold reserves served as the primary catalyst for the week's overall expansion.
Key points
The weekly expansion broke a multi-week downward trend that had reduced India's reserves…: The weekly expansion broke a multi-week downward trend that had reduced India's reserves through late October.
Valuation shifts caused the stockpile to shrink in rupee terms even as it appreciated in…: Valuation shifts caused the stockpile to shrink in rupee terms even as it appreciated in U.S. dollars.
National foreign exchange reserves remain well below the record high of $785.7 billion ac…: National foreign exchange reserves remain well below the record high of $785.7 billion achieved in early September.
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The increase comes after consecutive weeks of decline, during which the country's forex reserves fell from $722.3 billion in the week ended October 17 to $717.057 billion in the week ended October 30.
The latest rise was driven primarily by an increase in gold reserves, which climbed by $2.205 billion to $104.796 billion during the week, RBI data showed.
Foreign currency assets (FCAs), the largest component of India's forex reserves, increased by $232 million to $591.350 billion. FCAs reflect the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
The country's holdings of Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $52 million to $18.610 billion during the week. India's reserve position with the IMF also increased by $1 million to $4.791 billion.
In rupee terms, the country's total foreign exchange reserves stood at Rs 67,58,986 crore as of November 6. The weekly increase in dollar terms came even as the reserves declined by Rs 49,742 crore in rupee terms, reflecting the impact of exchange-rate valuation…
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