India’s Forex Reserves Edge Up to $687.3 Billion on Gold Valuation Gains

Overview

• Reserves rose by about $1.033 billion to $687.26 billion for the week ended December 5, reversing part of the prior week’s $1.877 billion fall.
• Foreign currency assets slipped by $151 million to $556.88 billion, while the value of gold holdings increased by roughly $1.19 billion to $106.98 billion.
• Special Drawing Rights rose by $93 million to $18.72 billion, and the IMF reserve position was cited as $4.675 billion by PTI versus roughly $4.7 billion by NDTV.
• The RBI has announced open market purchases of government securities totaling Rs 1 lakh crore this month to replenish liquidity after recent dollar sales to support the rupee past 90 per dollar.
• A $5 billion three-year currency swap is scheduled for December 16 as part of the liquidity plan, and the reserve stock covers more than 11 months of imports.