India’s Foreign Exchange Reserves Rise To New High Of Over $451 Billion, Reveals RBI Data

India's foreign exchange reserves rose by $2.48 billion during the week ended 29 November, official data showed on Friday (6 December).

According to the Reserve Bank of India's weekly statistical supplement, the overall forex reserves increased to $451.08 billion from $448.59 billion reported for the week ended 22 November.

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

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $2.64 billion at $419.36 billion.

However, the RBI's weekly data showed that the value of the country's gold reserves went down by $148 million to $26.64 billion.

Similarly, the SDR value inched down by $4 million to $1.43 billion, while, the country's reserve position with the IMF declined by $6 million to $3.62 billion.

Since the beginning of the current financial year, the forex kitty has gained by $38.8 billion as of 3 December, the largest in recent year.

The reserves have been surging to new highs every week for the last few months and this is the first time that they have crossed the $450 billion mark.

(With inputs from IANS)