The foreign exchange reserve in India went up to $550.142 billion on November 25. It is the third straight week that the foreign exchange reserves have gone up, and they also crossed $550 billion, according to data released by the Reserve Bank of India.
According to reports, this rise reflects the RBI's dollar buying from the market by making the most of the opportunity created by the recent rise in overseas investments in the country's equity and debt makers. It can also be credited to the easing pressure on the rupee after the US Federal Reserve Chair commented on slowing rate hikes and the fall in crude oil prices.
Foreign currency assets rose to $487.289 billion, while gold assets fell to $39.938 billion. Even the reserves held by the International Monetary Fund went down by $41 billion to $22.994 billion.
Dueign the week ending on November 18, the forex reserve rose to $547.25 billion
The foreign exchange reserves are the foreign assets that are held by or in control of the Reserve Bank of India. These reserves are made of gold or a specific currency and can include government bonds, corporate bonds, equity, foreign currency loans, and special drawing rights.
