India's Forex Reserves Up Marginally To $689 Billion As Gold Holdings Rise
The forex kitty rose $1.7 billion to $688.9 billion in the week ending Dec. 12, according to the Reserve Bank of India data released on Friday.
India's foreign exchange reserves marginally rose in the second week on December.
The forex kitty rose $1.7 billion to $688.9 billion in the week ending Dec. 12, according to the Reserve Bank of India data released on Friday. In the previous reporting week, reserves rose by $1 billion to $686.2 billion.
For the week ended Dec. 12, foreign currency assets, a major component of the reserves, increased by $900 million to $558 billion, the data showed.
Expressed in dollar terms, the foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
India's forex reserves, one of the largest in the world, can cover imports of over 11 months.
The value of the gold reserves rose by $758 million to $108 billion during the week. The Special Drawing Rights (SDRs) also increased by $14 million to $18.7 billion. India's reserve position with the IMF was steady at $4.7 billion.
