In the previous week, the forex reserves had dropped by $2.691 billion to $717.056 billion. (Image Source: Pixabay)
\n\nIndia's foreign exchange reserves registered a recovery during the week ended November 6, gaining $2.49 billion to reach $719.547 billion, according to the latest figures released by the Reserve Bank of India (RBI) on Friday. The increase follows a decline in the country's foreign exchange holdings in the preceding week. Reserves had fallen by $2.691 billion to $717.056 billion during the week ended October 30, making the latest improvement a reversal of the previous trend.
\n\nThe latest figures also stress the contribution from gold holdings, which recorded a substantial increase during the reporting period.
\n\nThe latest addition of $2.49 billion reflects an improvement in India's overall external reserve position. Despite the recent gains, the country's forex stockpile remains below its record level registered earlier this year.
\n\nIndia's foreign exchange reserves reached an unprecedented $785.706 billion during the week ended September 4. The milestone was supported by substantial foreign currency inflows through a special concessional swap arrangement involving deposits from the Indian diaspora. Under the initiative, banks mobilised a record $133 billion.
\n\nHowever, reserves have followed a downward trajectory since reaching that peak…
Original source: https://www.timesnownews.com/business-economy
