Forex reserves swell by $2.91 billion to $564.06 billion as of December 9

MUMBAI: India’s

forex reserves

rose by $2.908 billion to $564.06 billion for the week ended on December 9, according to the Reserve Bank data released on Friday.

In the previous reporting week, the overall reserves had soared by $11 billion to $561.16 billion. This is the fifth consecutive week of an increase in the reserves.

In October 2021, the country’s

foreign exchange kitty

had reached an all-time high of $645 billion. The reserves had been declining as the central bank deployed the reserved to defend the rupee amid pressures caused majorly by global developments.

Foreign currency assets

(FCA), a major component of the overall reserves, increased by $3.141 billion to $500.125 billion during the week to December 9, according to the Weekly Statistical Supplement released by the RBI.

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 $296 million to $40.729 billion.

The country’s reserve position with the International Monetary Fund (IMF) was also up by $2 million to $5.11 billion in the reporting week, the data showed.

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