Mumbai: The foreign exchange (forex) reserves of India surged for third consecutive week. Foreign exchange reserves of India touched 21-month high during the week ended December 22. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBI data, forex reserves surged by $4.471 billion to of $620.441 billion. In the previous reporting week, the forex reserves added $9.112 billion to $615.971 billion. In the week before, the overall reserves had risen by $2.816 billion to $606.859 billion.
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. In October 2021, the forex kitty had reached an all-time high of $645 billion.
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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.
For the week ended December 22, the foreign currency assets increased by $4.898 billion to $549.747 billion. In the year so far, the monetary authority has added %51.257 billion to the foreign currency assets.
Gold reserves declined by $107 million to $47.474 billion during the reporting week while the special drawing rights (SDRs) were almost flat, adding just $4 million to $18.327 billion. The country’s reserve position with the International Monetary Fund (IMF) also declined by $129 million to $4.894 billion in the reporting week.
Separate government data showed that the government’s fiscal deficit at the end of November stood at Rs 9.06 lakh crore or 50.7% of the full-year budget estimate. According to data released by the Controller General of Accounts (CGA), the fiscal deficit — the difference between expenditure and revenue — was at Rs 9,06,584 crore during the April-October period of 2023-24.
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