India's Forex Reserves Surge By $6.55 Billion To $625.63 Billion

India's Forex Reserves Surge By $6.55 Billion To $625.63 Billion

In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion.

PTIUpdated: Friday, March 08, 2024, 05:46 PM IST
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India's Forex Reserves Surge By $6.55 Billion To $625.63 Billion | File/ Representative image

India's forex reserves jumped USD 6.55 billion to USD 625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday.

In the previous reporting week, the overall reserves had risen by USD 2.975 billion to USD 619.072 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by USD 6.043 billion to USD 554.231 billion, the data said.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves increased by USD 569 million to USD 48.417 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 17 million to USD 18.18 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 41 million to USD 4.798 billion in the reporting week, the apex bank data showed.

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