India's FX reserves rise $2.49 bn in Nov 6 week

India's foreign exchange reserves rose by $2.49 billion to $719.547 billion in the week ended November 6, according to data released by the Reserve Bank of India (RBI) on Friday.

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The increase comes after consecutive weeks of decline, during which the country's forex reserves fell from $722.3 billion in the week ended October 17 to $717.057 billion in the week ended October 30.

The latest rise was driven primarily by an increase in gold reserves, which climbed by $2.205 billion to $104.796 billion during the week, RBI data showed.

(FCAs), the largest component of India's forex reserves, increased by $232 million to $591.350 billion. FCAs reflect the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

The country's holdings of Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose by $52 million to $18.610 billion during the week. India's reserve position with the IMF also increased by $1 million to $4.791 billion.

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In rupee terms, the country's total foreign exchange reserves stood at Rs 67,58,986 crore as of November 6. The weekly increase in dollar terms came even as the reserves declined by Rs 49,742 crore in rupee terms, reflecting the impact of exchange-rate valuation changes.

India's forex reserves had touched an all-time high of $785.7 billion in the week ended September 4, following substantial foreign currency inflows through a special concessional swap scheme for diaspora deposits.

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