Finance
In the week ending December 29, India’s foreign exchange reserves increased by USD 2.759 billion to USD 623.2 billion, the Reserve Bank reported on Friday.
The total reserves had climbed to USD 620.441 billion during the preceding reporting week by USD 4.471 billion.
The nation’s FX reserve hit an all-time high of USD 645 billion in October 2021. The reserves suffered as a result of the central bank using the kitty to protect the rupee from pressure brought on mostly by events that have occurred globally since last year.
According to figures from the Reserve Bank of India (RBI), for the week ending December 29, the foreign currency assets—a significant part of the reserves—rose by USD 1.869 billion to USD 551.615 billion.
The effect of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves’ appreciation or depreciation is included in the foreign currency assets, which are expressed in terms of dollars. According to the RBI, gold reserves increased by USD 853 million to USD 48.328 billion throughout the course of the week.
According to the apex bank, the Special Drawing Rights (SDRs) increased by USD 38 million to USD 18.365 billion. In the reporting week, India’s reserve position with the IMF decreased by USD 2 million to USD 4.892 billion, the apex bank data showed.
