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India's forex reserves rise for 5th straight week
Forex reserves rose by $2.91 billion to $564.07 billion for the week ending December 9.
India's foreign exchange forex reserves rose by $2.91 billion to $564.07 billion for the fifth consecutive week ending on December 9, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
The forex reserve rose $11.02 billion to $561.16 billion during the week ending December 2.
The uptick in the foreign exchange reserves is a result of the rise in the Foreign Currency Assets (FCA), which is a major component of the overall reserves. The FCA rose $3.14 billion to $500.13 billion for the week ending December 9.
However, gold reserves fell $296 million to $40.73 billion.
RBI Governor Shaktikanta Das while addressing the RBI Monetary Policy Committee (MPC) on December 7 said the rupee level is market-determined and should be allowed to find its level and that is what we have been striving to ensure.
