India's Forex Reserves Decline To $780.78 Billion After Record High Of $785.71 Billion
India’s foreign exchange reserves stood at $780.78 billion for the week ended September 11, according to RBI data. The reserves had touched a record $785.71 billion in the previous week. Foreign currency assets remained the largest component, while gold reserves, SDR holdings and IMF reserve position contributed to the overall forex stock.
India's Forex Reserves Decline To $780.78 Billion After Record High Of $785.71 Billion | AI Representational Image
Mumbai, Sep 18: India’s foreign exchange reserves stood at $780.78 billion in the week ended September 11, according to data released by the Reserve Bank of India (RBI) on Friday.
Forex reserves see movement
The reserves had touched a record $785.71 billion in the previous week ended September 4, following a sharp increase of $44.90 billion. Before that, reserves had risen by $11.47 billion in the week ended August 28 to $740.80 billion.
Foreign currency assets (FCA), the largest component of India’s forex reserves, stood at $648.17 billion in the week ended September 4. FCA holdings had increased by $47.498 billion during that week and were $95.886 billion higher than at the end of March and $63.692 billion above the year-ago level.
Gold and IMF reserves
Gold reserves stood at $113.816 billion as of September 4. Despite the movement during the week, gold holdings remained $23.517 billion higher than a year earlier, though they were $1.580 billion below their end-March level.
India’s Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) stood at $18.806 billion as of September 4. SDR holdings were $184 million higher than at the end of March and $64 million above their level a year earlier.
The country’s reserve position with the IMF stood at $4.916 billion, having increased marginally during the week ended September 4. It was $108 million higher than at the end of March and $168 million above the year-ago level.
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External buffer strengthens
Overall, India’s foreign exchange reserves had risen by $94.599 billion from the end of March as of September 4 and were $87.438 billion higher than a year earlier.
The substantial level of foreign exchange reserves provides India with a buffer against external shocks and strengthens the country’s ability to manage volatility in global financial and foreign exchange markets.
(Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)
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