India's Forex reserves up $568.9 mn

India`s foreign exchange (forex) reserves rose by $568.9 million during the week ended November 16, official data showed on Friday.

According to the Reserve Bank of India (RBI)`s weekly statistical supplement, the overall forex reserves increased to $393.58 billion from $393.01 billion reported for the week ended November 9.

India`s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India`s position with the International Monetary Fund (IMF).

FCAs, the largest component of the forex reserves, edged-higher by $506 million to $368.54 billion during the week ended November 16. Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.

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Further, the RBI`s weekly data showed that the value of the country`s gold reserves increased by 73 million to $20.96 billion. However, the SDR value was lower by $5.7 million to $1.45 billion, while the country`s reserve position with the IMF decreased by $4.4 million to $2.62 billion.