Real Effective Exchange Rate of Rupee spikes in November
The Reserve Bank of India (RBI) in its report highlighted that the Real Effective Exchange Rate (REER) of the Indian Rupee increased to 108.14 in November 2024 from 107.20 in October 2024.
India’s foreign exchange (forex) reserves depleted by $613.9 million during the week ended December 14, official data showed on Friday.
According to the Reserve Bank of India (RBI)’s weekly statistical supplement, the overall forex reserves decreased to $393.12 billion from $393.73 billion reported for the week ended December 7.
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India’s forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and India’s position with the International Monetary Fund (IMF).
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FCAs, the largest component of the forex reserves, edged lower by $631.6 million to $367.86 billion during the week ended December 14.
Besides the US dollar, FCAs consist of 20-30 per cent of other major global currencies.
The RBI’s weekly data showed that the value of the country’s gold reserves rose by $37.2 billion to $21.187 billion.
However, the SDR value went down by $7 million to $1.45 billion, whereas the country’s reserve position with the IMF declined by $12.5 million to $2.617 billion.
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