Mumbai: India’s foreign exchange reserves surged in the week that ended on July 14. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. This will also be the third-consecutive weekly rise in reserves.
As per RBI data, the forex reserves surged to near 2-month high. Toe overall forex reserves jumped by $12.743 billion to $609.022 billion. This is the strongest weekly surges in the forex reserves in recent times. In the previous reporting week, the overall reserves had risen by $1.23 billion to $596.28 billion.
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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.
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 increased by $11.198 billion to $540.166 billion. Gold reserves were up by $1.137 billion to $45.197 billion. The Special Drawing Rights (SDRs) were up by $250 million to $18.484 billion. The country’s reserve position with the IMF was up by $158 million to $5.175 billion.
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