India`s forex reserves rise by $1.71 bn and overall increased by $447.80 billion

India’s foreign exchange reserves rise by $1.71 billion during the week ended November 8, official data showed on Friday. According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves increased to $447.80 billion from $446.09 billion reported for the week ended November 1.

India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India’s reserve position with the International Monetary Fund (IMF).On a weekly basis, FCAs – the largest component of the forex reserves – edged higher by $2.17 billion at $415.82 billion.

However, the RBI’s weekly report showed that the value of the country’s gold reserves went down by $443 million to $26.91 billion. Similarly, the country’s reserve position with the IMF fell by $17 million to $3.63 billion, while the SDR value inched down by $3 million to $1.44 billion.