Updated March 8th, 2024 at 18:49 IST

India’s forex reserves are up by $6.55 billion to reach $625.626 billion

In October 2021, India's forex reserves had achieved an all-time high at $645 billion.

Reported by: Business Desk
भारतीय रिजर्व बैंक | Image:PTI
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Forex Reserves: India's foreign exchange reserves witnessed a robust increase, surging by $6.55 billion to reach $625.626 billion for the week ending March 1, as reported by the Reserve Bank of India (RBI) on Friday. In the previous week, the country's overall reserves had already seen a notable rise, amounting to $619.072 billion with an increase of $2.975 billion.

In October 2021, India's forex reserves had achieved an all-time high at $645 billion. However, since then, the reserves encountered a dip due to the central bank's utilization of the kitty to safeguard the rupee against pressures arising from global developments.

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Breaking down the data for the week ending March 1, foreign currency assets, a substantial component of the reserves, registered an impressive uptick of $6.043 billion, reaching $554.231 billion. The foreign currency assets, expressed in dollar terms, encompass the impact of the appreciation or depreciation of non-US units such as the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves also experienced a positive movement, climbing by $569 million to reach $48.417 billion during the same week, as per the RBI's disclosure. On the other hand, Special Drawing Rights (SDRs) observed a decrease of $17 million, totaling $18.18 billion. Meanwhile, India's reserve position with the International Monetary Fund (IMF) saw a decline by $41 million to $4.798 billion during the reported week.

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The surge in forex reserves reflects India's efforts to strengthen its economic position and financial stability. The data suggests resilience and adaptability in managing global economic challenges, contributing to the country's overall economic resilience.

With PTI Inputs

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Published March 8th, 2024 at 18:46 IST