Forex kitty continues to move up, closes in $449 bn mark

Foreign exchange reserves continued the upward move, gaining by a modest $347 million to touch a new high of $448.6 billion in the week to November 22, according to the weekly data released by the Reserve Bank on November 29. In the previous week, the reserves had increased by $441 million to reach $448.249 billion.

The gain in reserves was mainly on account of an increase in foreign currency assets, a major component of the overall reserves, which rose by $254 million to $416.725 billion in the reporting week, the data showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and the yen held in forex reserves.

During the reporting week, gold reserves increased marginally by $87 million to $26.796 billion.

The special drawing rights with the International Monetary Fund were up by $5 million to $1.44 billion during the week.

The country’s reserve position with the Fund also increased by a modest $2 million to $3.635 billion, the data showed.Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.

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