Forex Reserve

This upswing follows a substantial increase of $6.107 billion in the preceding week, elevating the reserves to $604.042 billion—an achievement not surpassed since the week concluding on July 14.

In the week ending November 17, the reserves had already seen a boost of $5.077 billion, reaching $595.397 billion.

This increase comes after a slight dip in the forex reserves by $462 million, recorded in the preceding week that ended on November 10, bringing the reserves down to $590.32 billion.

​​​​​​​Surprisingly, the rupee didn't witness the anticipated gains, which traders attributed to increased dollar purchases by importers, particularly oil companies, aiming to hedge their positions amidst the favorable low dollar price.

In the preceding week the country’s forex reserves had increased by $1.15 billion, reversing a continuous decline over the previous five weeks.

Foreign currency assets (FCAs) also rose by $2.5 billion to $528 billion, according to the weekly statistical supplement released by the RBI on Friday. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The forex reserves had fallen $1.318 billion in the previous week. Also in the week ending June 16, foreign currency assets rose by $2.578 billion to $527.651 billion. During the week ending June 9, foreign currency assets had dipped by $1.128 billion.