India’s foreign exchange (forex) reserves have witnessed an increase of $2.35 billion to reach a total of $596.098 billion as reported by the Reserve Bank on Friday. This growth comes after a drop of $1.318 billion in the previous reporting week, bringing the overall reserves to $593.749 billion.
Notably, in October 2021, India’s forex reserves reached an all-time high of $645 billion. However, these reserves have been declining as the central bank utilizes the funds to defend the value of the Indian rupee, primarily due to global influences.
For the week ending June 16, the foreign currency assets, a crucial component of the forex reserves, increased by $2.578 billion to $527.651 billion, according to the Weekly Statistical Supplement released by the RBI.
The valuation of foreign currency assets takes into account the impact of fluctuations in non-US currencies such as the euro, pound, and yen held in the reserves.
Meanwhile, gold reserves decreased by $324 million to $45.049 billion, as stated by the RBI. The Special Drawing Rights (SDRs) witnessed an increase of $62 million, reaching $18.249 billion. In addition, the country’s reserve position with the International Monetary Fund (IMF) rose by $34 million to $5.149 billion during the reporting week, according to data from the central bank.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
