NEW DELHI: The country’s forex reserves shot up by $11 billion to $561 billion in the week ended December 2, 2022. This is the fourth consecutive week in which the country’s forex reserves have increased.
The reserves had fallen from the peak of $642 billion in November 2021 to $524 billion in the week-ending October 21, 2022. The trend reversed afterwards, and the reserve regained $47 billion since then.
Foreign reserves of the country consist of foreign currency assets, gold reserves and Special drawing rights (SDRs).
SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries. In the week that ended on 2 December, foreign currency assets increased by $9.7 while gold reserves increased by $1 billion.