Mumbai: Foreign exchange reserves of India touched four-month high during the week ended December 8. Forex reserves surged by $2.816 billion to hit a four-month high of $606.859 billion. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
In week ended on December 1, forex reserves jumped by $6.107 billion to $604.042 billion. 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.
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.
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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.
The foreign currency assets increased by $3.089 billion to $536.699 billion. Gold reserves were down $199 million to $47.13 billion during the week. Special Drawing Rights were down $63 million to $18.188 billion. India’s reserve position with the International Monetary Fund (IMF) was down $11 million to $4.842 billion in the reporting week.
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