Mumbai: The country’s foreign exchange reserves increased by $2.9 billion to $550 billion during the week ended November 25. This is the third consecu
Mumbai: The country’s foreign exchange reserves increased by $2.9 billion to $550 billion during the week ended November 25. This is the third consecutive week of rising reserves.
The increase in reserves followed the resumption of capital flows in the form of equity purchases by foreign portfolio investors. In November 2022, FII made a net purchase of Rs 45,000 crore.
The increase in reserves was due to a rise in foreign currency assets which grew by $3 billion during to week to $484 billion. The increase in forex assets takes into account the appreciation of the non-US currency, including the euro, pound, and yen. Gold reserves decreased by $73 million to $39.9 billion.
After touching a two-year low of $524 billion in October, forex reserves have been rising after the US Federal Reserve indicated that it will slow down its rate hikes. This has led to a resumption of portfolio investments and a weakening of the dollar against global currencies.
Meanwhile, the rupee closed at 81.32 against the dollar as against 81.22 on Thursday.
The increase in reserves followed the resumption of capital flows in the form of equity purchases by foreign portfolio investors. In November 2022, FII made a net purchase of Rs 45,000 crore.
The increase in reserves was due to a rise in foreign currency assets which grew by $3 billion during to week to $484 billion. The increase in forex assets takes into account the appreciation of the non-US currency, including the euro, pound, and yen. Gold reserves decreased by $73 million to $39.9 billion.
After touching a two-year low of $524 billion in October, forex reserves have been rising after the US Federal Reserve indicated that it will slow down its rate hikes. This has led to a resumption of portfolio investments and a weakening of the dollar against global currencies.
Meanwhile, the rupee closed at 81.32 against the dollar as against 81.22 on Thursday.
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