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Foreign exchange reserves of India rise to $572.801 billion

Mumbai: Foreign exchange reserves of India surged by $12.798 billion to $572.801 billion in the week ended March 17. The weekly statistical supplement released by the Reserve Bank of India revealed this. In the previous reporting week, the reserves had dropped by $2.39 billion to a three-month low of $560.003 billion. The country’s forex kitty had reached an all-time high of $645 billion in October 2021.

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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The foreign currency assets increased by $10.485 billion to $ 505.348 billion. Gold reserves jumped by $2.187 billion to $44.109 billion. The Special Drawing Rights (SDRs) were up by $98 million to $18.219 billion. The country’s reserve position with the IMF was also up by $29 million to $5.125 billion.

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