Mumbai: The Foreign exchange reserves of India surged in the week that ended on June 16. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. As per RBI data, the forex reserves surged by $2.35 billion to $596.098 billion.
The overall reserves had dropped by $1.318 billion to $593.749 billion in the previous reporting week. Forex reserves surged by $5.929 billion to $595.067 billion in the week ended on June 2. Before that the reserves had declined for two consecutive weeks. The forex kitty declined by $4.34 billion to $589.14 billion in the week ended on May 26. Reserves had fallen by $6.05 billion in the week ended May 19. This was the biggest fall in more than three months. In the week ended on May 12, the overall reserves had increased by $3.5 billion to $599.529 billion. This was their highest level since early June. Forex reserves surged by$7.196 billion to $595.976 billion in the week ended on May 5. In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Also Read: Banks to remain closed on June 29 in these cities: Full list
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.
The foreign currency assets increased by $2.578 billion to $527.651 billion. Gold reserves dropped by $324 million to $45.049 billion. The Special Drawing Rights (SDRs) were up by $62 million to $18.249 billion. The country’s reserve position with the IMF was up by $34 million to $5.149 billion.
Post Your Comments