Commodities reserves slip off record high, at $574.8 bn for week ended November 27

After reaching a lifetime high in the previous week, foreign exchange reserves slipped $469 million to $574.821 billion in the week ended November 27, according to data from the RBI.

In the previous week ended November 20, the reserves had risen by $2.518 billion to reach a high of $575.29 billion. For the reporting week, the reserves declined despite an increase in foreign currency assets (FCA), a major component of the overall reserves.

Weekly data released by the Reserve Bank of India (RBI) showed that FCA rose by $352 million to $533.455 billion.

Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. Gold reserves declined by $822 million to $35.192 billion in the week ended November 27, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased marginally by $2 million to $1.494 billion. The reserve position with IMF decreased by $1 million to $4.679 billion.

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