Mumbai: Foreign exchange reserves of India surged to a more than three-month high. India’s foreign exchange reserves rose by $305 million to $654.27 billion in the week ended March 14. The Weekly Statistical Supplement released by the Reserve Bank of India showed this. In the previous week, reserves had surged by $15.27 billion. This was the largest weekly jump since August 2021.
The forex reserves had dropped by $2.54 billion to $635.721 billion in the week ended on February 14.The forex reserves jumped $7.654 billion to $638.261 billion in the week ended February 7. In the previous week ended on January 31, the reserves had increased by $1.05 billion to $630.607 billion. In the previous reporting week ended January 24, the reserves increased $5.574 billion to $629.557 billion.
The forex reserves had increased to an all-time high of $704.885 billion in end-September. Foreign exchange reserves have declined by almost $80 billion since reaching an all-time high of $705 billion for the week ended September 27.
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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.
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
Foreign currency assets, declined by $96 million to $557.19 billion. Meanwhile, gold reserves rose by $66 million to $74.39 billion. India’s reserve position with the International Monetary Fund (IMF) increased by $283 million to $4.43 billion, while Special Drawing Rights (SDRs) rose by $51 million to $18.26 billion.
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