Mumbai: India’s foreign exchange reserves crossed $600 billion. This is after a gap of about four months that the forex reserve is crossing $600 billion.
India’s forex reserve is at $ 604 billion as on December 1. The reserves were $597.935 billion in the preceding week ended November 24. The forex reserves were last above the $600 billion mark on August 11 this year.
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‘India’s foreign exchange reserves stood at USD 604 billion as on December 1, 2023. We remain confident of meeting our external financing requirements comfortably,’ Reserve Bank Governor Shaktikanta Das said.
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.
In October 2021, the country’s foreign exchange kitty had reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.
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