India’s Forex Reserves Up By $1.51 Bn At $658.09 Bn As Of November 29

India’s foreign exchange reserves increased by $1.51 billion to reach $658.09 billion as of November 29, 2024, according to the Reserve Bank of India (RBI). This growth was primarily driven by a significant $2.06 billion rise in Foreign Currency Assets (FCA). However, gold reserves saw a minor decline of $595 million. Additionally, both Special Drawing Rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF) saw modest increases.

India’s forex reserves have been bolstered by a $2.06 billion rise in Foreign Currency Assets, which now total $568.85 billion. This represents the largest contributor to the overall increase. The data, provided in the RBI’s Weekly Statistical Supplement, highlights the robust performance of these assets as they continue to grow in value.

In contrast, gold reserves decreased by $595 million, bringing their total to $66.97 billion. Despite this dip, gold reserves continue to remain a significant component of India’s foreign exchange reserves.

India’s Special Drawing Rights (SDRs) saw a slight increase of $22 million, bringing the total to $18.00 billion. Similarly, India’s reserve position with the IMF grew by $22 million, reaching a total of $4.25 billion.

India’s overall increase in forex reserves reflects the country’s continued economic stability, supported by Foreign Currency Assets, SDRs, and IMF reserves. The rise in forex reserves is seen as a positive indicator of the nation’s financial strength, offering protection against external economic shocks.