After 7 weeks of losses, forex kitty adds $1.5 billion; rupee gains on RBI action
New Indian ExpressMUMBAI: For the first time in eight weeks, India's forex reserves have increased by a modest $1.51 billion, reaching $658.091 billion for the week ending November 29, after a loss of over $50 billion in the previous seven weeks. According to the weekly statistical supplement issued by the Reserve Bank Friday, the forex kitty made the first recovery in eight weeks adding $1.51 billion to $658.091 billion for the week to November 29. For the week ended November 29, foreign currency assets, a major component of the reserves, increased by $2.061 billion to $568.852 billion, the Finance Ministry data showed on Friday. Gold reserves decreased by $595 billion to $66.979 billion during the week, the special drawing rights were up by $22 million to $18.007 billion, and the reserve position with the IMF was also up by $22 million to $4.254 billion in the reporting week, the central bank data showed.