Economy News

India’s foreign exchange reserves up to $550.142 billion – Mintpaisa

India’s foreign exchange reserves rose for the third straight week to cross $550 billion, according to weekly data released by Reserve Bank of India data.

Reserves increased by $2.890 billion in the week ending November 25 to $550.142 billion, helped by increased holdings of foreign currencies while reserves held in gold declined.

The rise reflects the central bank buying dollars in the market taking advantage of the opportunity created by the recent increase in foreign investment in the country’s equity and debt markets, traders said. RBI does not provide reasons for the rise or fall in foreign exchange reserves.

Foreign currency holdings increased by $3 billion to $487.289 billion. Reserves held in gold, however, fell by $73 million to $39.938 billion. Reserves held with the International Monetary Fund also fell by $41 billion to $22.994 billion, according to RBI data.


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