Mumbai: Foreign exchange reserves of India rose by $5.736 billion to $622.469 billion for the week ended on February 2. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. In the previous reporting week, the forex reserves rose by $591 million to $616.733 billion. The country’s forex kitty had reached an all-time high of $645 billion in October 2021.
Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
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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 February 2, the foreign currency assets increased by $5.186 billion to $55.331 billion.Gold reserves increased by $608 million to $48.088 billion. Special Drawing Rights (SDRs) were down by $58 million to $18.19 billion. India’s reserve position with the IMF was unchanged at $4.86 billion in the week.
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