Mumbai: India’s foreign exchange reserves increased nearly $17 billion in March 2023. As per data released by the Reserve Bank of India (RBI), the forex reserves jumped $5.97 billion to $578.778 billion in the week ended March 24. The forex reserves had risen by $12.8 billion to $572.8 billion in the week ended March 17.
The forex reserves had reached an all-time high of $645 billion in October 2021. Since then, the reserves saw a continuous decline. Forex reserves dropped sharply by almost 18.5% i.e. around $118 billion from a record high of $642 billion touched in September 2021 to $524.52 billion in October 2022. But, reserves rose from October 2022 to $578.80 billion (till 17th March).
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The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
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