The RBI announced on Friday that as the value of gold reserves continued to rise, India’s foreign exchange reserves increased by $4.496 billion to $702.28 billion for the week ending October 17. During the last reporting week, the total reserves increased by $2.176 billion to $697.784 billion.
Foreign currency assets, a significant part of the reserves, decreased by $1.692 billion to $570.411 billion for the week ending October 17, according to data released on Friday.
The effects of the appreciation or depreciation of non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen, are included in the foreign currency assets, which are expressed in dollar terms.
According to the RBI, the value of the gold reserves increased by $6.181 billion to $108.546 billion during the week. According to the apex bank, the Special Drawing Rights (SDRs) increased by $38 million to $18.722 billion.
According to data from the apex bank, India’s reserve position with the IMF decreased by $30 million to $4.602 billion during the reporting week.
