India’s forex reserves jumped $5.158 billion to $657.155 billion during the week ended July 5, the Reserve Bank of India (RBI) said.
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India’s forex reserves jumped $5.158 billion to $657.155 billion during the week ended July 5, the Reserve Bank of India (RBI) said on July 12.

The forex kitty had declined for the previous two consecutive weeks, dropping $1.713 billion to $651.997 billion for the week ended June 28.

The reserves had touched an all-time high of $655.817 billion as on June 7 this year.

For the week ended July 5, foreign currency assets, a major component of the reserves, increased $4.228 billion to $577.11 billion, as per the the data released on July 12.

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

Gold reserves increased $904 million to $57.432 billion during the week, the RBI said.

The Special Drawing Rights were up $21 million to $18.036 billion, the apex bank said.

India’s reserve position with the IMF was up $4 million to $4.578 billion in the reporting week, the apex bank data showed.

Mumbai:

India’s forex reserves dropped by USD 2.922 billion to USD 652.895 billion for the week ended June 14, the Reserve Bank said on Friday.

In the previous reporting week, the kitty had jumped by USD 4.307 billion to USD 655.817 billion, a new all-time high after consecutive weeks of increase in the reserves.

For the week ended June 14, foreign currency assets, a major component of the reserves, decreased by USD 2.097 billion to USD 574.24 billion, the data released on Friday showed.

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 decreased by USD 1.015 billion to USD 55.967 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 54 million to USD 18.107 billion, the apex bank said.

India’s reserve position with the IMF was up by USD 245 million to USD 4.581 billion in the reporting week, the apex bank data showed.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

New Delhi:

India’s foreign exchange reserves rose for the fourth straight week to hit an all-time high of USD 642.292 billion in the week ending on March 15, as per the latest data released by the Reserve Bank of India (RBI). During the week, the foreign exchange kitty rose by USD 6.396 billion.

Before March 8 week, the reserves rose by USD 10.470 billion to USD 636.095 billion.

During the latest week, India’s foreign currency assets (FCA), the biggest component of the forex reserves, rose by USD 6.034 billion to USD 568.386 billion, the central bank’s weekly statistical data showed.

Gold reserves during the week rose by USD 425 million to USD 51.140 billion.

In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty. In 2022, India’s forex kitty slumped by USD 71 billion cumulatively.

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.

In October 2021, the country’s foreign exchange reserves last touched their all-time high. Much of the decline after that could be attributed to a rise in the cost of imported goods in 2022.

Also, the relative fall in forex reserves could be linked to the RBI’s intervention, from time to time, in the market to defend the uneven depreciation in the rupee against a surging US dollar.

Typically, the RBI, from time to time, intervenes in the market through liquidity management, including through the sale of dollars, to prevent a steep depreciation in the rupee.

The RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)