India’s foreign exchange (FOREX) reserves increased by 1.51 billion dollars to 658.09 billion dollars in the week ending November 29. This marks the first rise in nine weeks, recovering from a five-month low.
The latest rise is mainly due to a 2.06 billion dollars increase in foreign currency assets, which now stand at 568.85 billion dollars.
Special Drawing Rights (SDRs) increased by 22 million dollars to 18.01 billion dollars.
RBI Governor Shaktikanta Das stressed the importance of these reserves, saying, Forex reserves are deployed judiciously to mitigate undue volatility, maintain market confidence, anchor expectations, and preserve overall financial stability. He said that the reserve levels remain quite robust.