Foreign exchange reserves as on November 13 rose by $780.90 million from a week ago to $352.51 billion, according to data from the Reserve Bank of India.
Foreign currency assets (FCA), which form a key component of reserves, rose by $793.50 million in the previous week to $328.52 billion.
FCA are maintained in major currencies like US dollar, Euro, Pound Sterling, Japanese Yen, etc. However, the Foreign Exchange Reserves are denominated and expressed in US dollar only.
The movements in the FCA occur mainly on account of purchase and sale of foreign exchange by the RBI in the foreign exchange market in India, income arising out of deployment of the foreign exchange reserves, external aid receipts of the government and revaluation of assets.
Last week, reserves had dipped by $1.9 billion to $351.73 billion. The figure had touched a life-time high of $355.46 billion in the week ended June 19.
Special drawing right (SDR) from the IMF fell by $9.5 million from last week to $3.998 billion. SDR is an international reserve asset created by IMF and allocated to its members in proportion of the members’ quota at the IMF. The country’s reserve position in the IMF stood at $1.296 billion, down $3.1 million from the previous week. Gold reserves, however, remained steady at $18.69 billion.