India's Forex Kitty Swells By $1.51 Bn To $658 Bn

Mumbai: India's forex reserves increased by $1.51 billion to $658.091 billion for the week ended November 29, the RBI said on Friday. The overall reserves had dropped by $1.31 billion to $656.582 billion in the previous reporting week.

The kitty has witnessed a declining trend in the recent past and had dropped by a record $17.761 billion in the week prior to the last. The forex reserves had increased to an all-time high of $704.885 billion in end-September.

For the week ended November 29, foreign currency assets, a major component of the reserves, increased by $2.061 billion to $568.852 billion, the data released on Friday 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 yen held in the foreign exchange reserves. Gold reserves decreased by $595 million to $66.979 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $22 million to $18.007 billion, the apex bank said. India's reserve position with the IMF was also up by $22 million to $4.254 billion in the reporting week, the central bank data showed.