India’s foreign exchange reserves rose by $568.9mn to $393.580bn in mid-November, primarily due to a sudden rush in foreign currency assets, according to Reserve Bank of India (RBI) data.
However, the reserves declined $121.2mn to $393.01bn in the previous week.
A report on Economic Times reads: “In the reporting week, foreign currency assets, a major component of overall reserves, increased by $506mn to $368.541bn, as per the RBI data.”
According to the data, gold reserves increased by $73mn to $20.961bn. Apex Bank said India’s reserve with International Monetary Fund (IMF) has also declined by $4.4mn to $2.623bn.