Finance
The Reserve Bank of India reported on Friday that India’s foreign exchange reserves increased by $1.853 billion in the week ending June 30 to $595.051 billion.
In the preceding reporting week, the overall reserve fell by $2.901 billion to $593.198 billion.
The country’s foreign exchange reserves reached an all-time high of $645 billion in October 2021. The reserves have been dwindling as the central bank uses the funds to safeguard the rupee against pressures brought on mostly by foreign events.
According to the Weekly Statistical Supplement provided by the RBI on Friday, foreign currency assets, a major component of reserves, grew by $2.539 billion for the week ended June 30 to $527.979 billion.
Foreign currency assets, expressed in dollars, comprise the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.
According to the RBI, gold reserves fell by $472 million to $43.832 billion.
The apex bank reported a $95 million decrease in Special Drawing Rights (SDRs) to $18.239 billion.
The country’s reserve position with the IMF fell by $118 million to $5.002 billion in the reporting week, according to figures from the central bank.
Source:BS
