Mumbai: India’s foreign exchange reserves surged in the week that ended on August 11. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s forex surged by $700 million to $602.16 billion. The forex reserves declined for there week in a row before this. The reserves had fallen by a total of $7.6 billion in the prior three weeks.
Also Read: ISSF World Championship: India bags mixed team air pistol gold
On 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.
The foreign currency assets (FCAs) increased by $999 million to $534.40 billion. Gold reserves dipped by $340 million to $44.34 billion, while special drawing rights (SDRs) were up by $51 million to $18.32 billion. The country’s reserve position with the IMF was down $2 million to $6.01 billion.
Post Your Comments