Mumbai: The foreign exchange reserves of India surged in the week ended on September 1. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
As per RBI data, the forex reserves jumped by $4.039 billion to $598.897 billion during the week. This is the biggest gain in nearly two months.
On October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as RBI deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
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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.
Foreign currency assets increased by $3.442 billion to $530.691 billion. Gold reserves were up by $584 million to $44.939 billion. The Special Drawing Rights (SDRs) were up by $1 million to $18.195 billion. The country’s reserve position with the IMF was also up by $12 million to $5.073 billion in the reporting week.
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