India’s forex reserves increase $1.9bn to $642bn

Indias forex reserves have increased by $1.919 billion to $642.019 billion for the week ended October 29 on a healthy increase in the currency assets and value of gold, the Reserve Bank of India said on last Friday.

The overall reserves had declined by $908 million to $640.1 billion at the end of the previous reporting week.

Foreign currency assets, a major part of the overall reserves, increased by 1.363 billion to $578.462 billion for the reporting week, the RBI said in the weekly data.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in the foreign exchange reserves.

Value of the gold reserves increased by $572 million to $39.012 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) rose by $17 million to $19.304 billion. The countrys reserve position with the IMF increased by $1 million to $5.242 billion in the reporting week, the data showed.