Mumbai: India’s foreign exchange (forex) reserves jumped $2.975 billion to $619.072 billion for the week ended February 23. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
In the previous reporting week, the overall reserves had dropped $1.132 billion to $616.097 billion. In the week ended on February 16, the reserves touched two-month low of $616.10 billion. In the week ended February 9, forex reserves drop by $5.27 billion to reach $617.23 billion. This was the steepest fall in a month, after having risen by a total of $6.36 billion in the prior two weeks. The reserves were last lower when they stood at $615.97 billion as on December 15.
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.
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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.
The foreign currency assets increased by $2.405 billion to $548.188 billion. Gold reserves increased by $472 million to $47.848 088 billion during the week. The special drawing rights (SDRs) were up by $89 million to $18.197 billion. India’s reserve position with the IMF was up by $9 million to $4.839 billion in the reporting week.
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