India’s forex reserves breach $600 billion-mark, hover around 15-month high

India’s forex reserves breach $600 billion-mark, hover around 15-month high

• India’s foreign exchange reserves have recorded their most substantial weekly surge in four months, witnessing a remarkable increase of $12.74 billion, reaching an impressive total of $609.02 billion, as reported by the Reserve Bank of India (RBI). This surge comes after a previous uptick of $1.23 billion in the preceding week ending on July 7.

• The Weekly Statistical Supplement released by the RBI highlighted that Foreign Currency Assets (FCAs) played a pivotal role in the surge, surging by $11.19 billion to an impressive total of $540.17 billion.

• FCAs, expressed in dollar terms, take into account the appreciation or depreciation of non-US units such as the euro, pound, and yen, held within the foreign exchange reserves.

• Moreover, the nation’s gold reserves also rose significantly by $1.14 billion, reaching $45.20 billion.

• Alongside the growth in FCAs and gold reserves, India’s Special Drawing Rights (SDRs) experienced an increase of $250 million, reaching a total of $18.500 billion.

• Furthermore, the country’s Reserve Position in the International Monetary Fund (IMF) also moved up by $158 million, now standing at $5.18 billion.

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Published date : 25 Jul 2023 06:00PM