Finance
The country’s foreign exchange reserves climbed by $15.267 billion to $653.966 billion in the week ending March 7, the RBI reported.
The aggregate reserves fell by $1.781 billion to $638.698 billion the prior week.
The reserves had been falling recently due to revaluation and RBI forex market operations to help decrease currency volatility. Forex reserves have reached an all-time high of $704.885 billion at the end of September 2024.
The high spike during the week under review is attributable to the central bank’s $10 billion forex exchange on February 28, when it bought dollars against the rupee to inject liquidity into the system.
Foreign currency assets, a major component of reserves, grew by $13.993 billion this week to $557.282 billion, according to figures issued on Friday.
Foreign currency assets, expressed in dollar terms, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
Gold reserves fell by $1.053 billion to $74.325 billion this week, according to the RBI.
The Special Drawing Rights (SDRs) increased by $212 million to $18.21 billion.
India’s IMF reserve position fell by $69 million this week to $4.148 billion, according to RBI data.
Source: BS
