Mumbai: India’s foreign exchange reserves surged in the week that ended on July 7. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. This will also be the second-consecutive weekly rise in reserves.
As per RBI data, the forex reserves surged to near 2-month high. Toe overall forex reserves jumped by $1.229 billion to $596.280 billion. The overall reserve had surged by $1.853 billion to $595.051 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.
Foreign currency assets (FCA) surged by $989 million to $528.968 billion in the week that ended on July 7. Gold reserves grew by $228 million to $44.060 billion. The country’s reserve position with the International Monetary Fund (IMF) advanced by $15 million to $5.017 billion. The special drawing rights (SDRs) were down by $4 million to $18.235 billion.
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