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India’s Foreign Exchange Reserves Rises Over $560 Billion

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India’s foreign exchange reserves rose $183 million during the week ended October 30.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $560.715 billion from $560.532 billion reported for the week ended October 23.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $815 million to $518.339 billion.

However, the value of the country’s gold reserves decreased, by $601 million to $36.259 billion.

Similarly, the SDR value slipped by 6 million to $1.482 billion, while the country’s reserve position with the IMF declined by $25 million to $4.636 billion.

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