RBI data confirms rise in India's foreign exchange reserves by USD 568.9 million

Reserve Bank of India's official data on Friday showed that Indian foreign exchange (forex) reserves rose by USD 568.9 million.

According to the Reserve Bank of India (RBI)'s weekly statistical supplement, the overall forex reserves increased to $393.58 billion from $393.01 billion reported for the week ended November 9.

In the previous week, reserves declined by $121 million to $393.01 billion.

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

Foreign currency assets, which forms the largest portion of forex reserves, edged-higher by $506 million to $368.54 billion during the week ended November 16.

Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.

Further, the RBI's weekly data showed that the value of the country's gold reserves increased by $73 million to $20.96 billion.

However, the SDR value was lower by $5.7 million to $1.45 billion, while the country's reserve position with the IMF decreased by $4.4 million to $2.62 billion.