Mumbai: The foreign exchange reserves of India has touched one-month high week ended October 27. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves climbed by $2.579 billion to settle at $586.111 billion during the week.
India’s forex reserves declined by $2.36 billion to $583.53 billion during the week ended on October 20. In the previous reporting week, the overall reserves had increased by $1.153 billion to $585.895 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.
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.
Also Read: Paid tickets announced for Burj Khalifa’s New Year Eve fireworks show
The foreign currency assets jumped $2.303 billion to $514.504 billion during the period. The gold reserves were up by $499 million to $45.923 billion. The Special Drawing Rights (SDRs) stood at $17.91 billion, down $15 million during the week. India’s reserve position with the International Monetary Fund (IMF) was down by $208 million to $4.773 billion during the week under review.
Post Your Comments