Mumbai, November 10 : India’s foreign exchange reserves witnessed a significant uptick, surging by USD 4.672 billion to reach USD 590.783 billion for the week ending November 3, according to a statement from the Reserve Bank of India (RBI) released on Friday.
The surge was primarily attributed to a substantial increase of USD 4.392 billion in foreign currency assets, a vital component of the country’s overall reserves, as reported by the central bank.
Notably, the value of gold holdings within the reserves also experienced a positive shift, rising by USD 200 million to a total of USD 46.123 billion.
This robust growth in forex reserves signals a strengthening economic position for India, bolstered by an increase in foreign currency assets and a rise in the overall value of gold holdings. The surge in reserves is indicative of the country’s resilience in the face of global economic fluctuations and positions India favorably in terms of financial stability.
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