Gold reserves are up by $200 million at $46.123 billion, special drawing rights increase $64 million to $17.975 billion
India’s forex reserves jumped by $4.672 billion to $590.783 for the week ended November 3, according to the latest RBI data. Foreign currency assets, a crucial part of the reserves, rose by $4.392 billion, as per the central bank.
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The overall value of the gold held was up by $200 million at $46.123 billion. The country’s special drawing rights increased by $64 million to $17.975 billion, while its reserve position with the International Monetary Fund rose $16 million to $4.789 billion, the apex bank said.
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Rupee Remains In Trading Range
Anil Kumar Bhansali, head of treasury and executive director of Finrex Treasury Advisors LLP, said, “The rupee remained in a trading range of 83.13 to 83.30 for the entire week unless RBI decided that enough was enough and allowed a break in the range of 83.30, today, as the rupee made a lifetime low of 83.4875 and a closing low of 83.35.”
He added that there was sufficient demand for the dollar from importers apart from the cash dollar shortage which has brought premiums of 1 year down from 1.82 per cent to 1.55 per cent though they closed at 1.58 per cent.
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“For the coming week, the US dollar will be bought on all dips against the rupee as the range goes from 83.15 to 83.50 in a holiday shortened week. Brent crude oil down at $80.81 is an advantage for the rupee but the shortage of dollar has taken away the fruits of the advantage,” Bhansali said.
