Mumbai: India’s foreign exchange reserves surged in the week that ended on June 30. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBI data, the forex reserves rose by $1.853 billion to $595.051 billion. The overall reserve had dropped by $2.901 billion to $593.198 billion in the previous reporting week.
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.
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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.
The foreign currency assets increased by $2.539 billion to $527.979 billion. Gold reserves dropped by $472 million to $43.832 billion. The special drawing rights (SDRs) were down by $95 million to $18.239 billion. The country’s reserve position with the International Monetary Fund (IMF) was down by $118 million to $5.002 billion.
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