Forex kitty logs $13bn surge in wk, 3rd highest

Mumbai: The country’s foreign exchange reserves rose by $12.8 billion to $572 billion in a week. This is the third-highest weekly increase ever.The highest increase in reserves had been during the week during the week ended August 27, 2021, when reserves rose by $16.7 billion to $633 billion. The second-highest increase was in November 11, 2022 when the forex pile rose by $14.7 billion to $544 billion. The increase was largely because of the foreign currency assets, which rose by $10.5 billion to $505.3 billion.Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen in the forex reserves.