India's Forex Reserves Rise USD 2.49 Billion To USD 719.55 Billion: RBI

New Delhi, Nov 14 (KNN) India's foreign exchange reserves increased by USD 2.49 billion to USD 719.547 billion in the week ended November 6, according to data released by the Reserve Bank of India (RBI) on Friday.

Forex Reserves Rise After Previous Week’s Decline

In the previous week, the reserves had declined by USD 2.691 billion to USD 717.056 billion.

The country's forex reserves had touched an all-time high of USD 785.706 billion in the week ended September 4, following strong inflows linked to a special concessional swap facility for diaspora deposits, through which banks raised a record USD 133 billion. Reserves have largely declined since then.

Foreign Currency Assets Increase Marginally

During the week ended November 6, foreign currency assets, the largest component of the reserves, rose by USD 232 million to USD 591.350 billion, the RBI data showed.

Foreign currency assets, expressed in dollar terms, reflect the impact of appreciation or depreciation in other currencies, including the euro, pound and yen, held in the reserves, reported PTI.

Gold Reserves Register USD 2.2 Billion Increase

The value of gold reserves increased by USD 2.205 billion to USD 104.796 billion during the week.

SDRS And IMF Reserve Position Also Edge Up

Special Drawing Rights (SDRs) rose by USD 52 million to USD 18.610 billion, while India's reserve position with the International Monetary Fund (IMF) increased by USD 1 million to USD 4.791 billion.

(KNN Bureau)