Mumbai: The foreign exchange reserves of India surged for the week ended October 13. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
India’s forex reserves increased by $1.15 billion to $585.89 billion in the reporting week. The forex reserves touched the lowest in more than five months in the previous week. In the previous week, the overall reserves had declined by $ 2.17 billion to $584.7 billion.
On October 2021, the country’s forex kitty had reached an all-time high of $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 decreased by $178 million to $519.351 billion. During the week, country’s gold reserves increased by $1.268 billion to $43.575 billion. The Special Drawing Rights (SDRs) increased by $72 million to $17.995 billion. India’s reserve position with the IMF was down by $8 million to $4.975 billion in the reporting week.
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