Mumbai: Foreign exchange reserves of India surged in the second consecutive week. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this. The forex reserves surged by $3.553 billion to $599.529 billion in the week ended on May 12. This was their highest level since early June. The forex reserves surged by$7.196 billion to $595.976 billion in the week ended on May 5.
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 nearly $3.577 billion to $529.598 billion. Gold reserves increased by $38 million to $46.353 billion. The Special Drawing Rights (SDRs) were down by $35 million to $18.413 billion. The country’s reserve position with the IMF was down by $28 million to $164 billion.
In October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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