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India’s foreign exchange reserves saw the single largest weekly accretion in recent times, with the reserves skyrocketing by a whopping $14.721 billion in the week ended November 11, 2022, to stand at $544.715 billion.
Experts say the RBI would have bought dollars during the reporting week as the dollar weakened on expectations the US Fed would temper rate hikes due to the decline in October consumer prices.
Illustratively, between October 27 and November 11, the rupee appreciated by 2.2 per cent against the US dollar, 1.2 per cent against the pound sterling, and 0.5 per cent against the euro, per an article in the RBI’s latest monthly bulletin.
In the reporting week, all four components of the reserves rose: foreign currency assets (up by $11.80 billion), gold ($2.639 billion), special drawing rights ($165 million), and reserve positions in the IMF ($116 million).
Since March-end 2022, the forex reserves have declined by $62.594 billion.
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