India’s foreign exchange reserves jumped $708 million to $602.16 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday.
Photograph: Dado Ruvic/Reuters Archives
This is the first increase in the kitty after declining for three consecutive weeks.
In the previous reporting week, the overall reserves had declined $2.42 billion to $601.45 billion.
In October 2021, the country’s foreign exchange reserves touched an all-time high of $645 billion.
The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.
For the week ended August 11, the foreign currency assets, a major component of the reserves, increased $999 million to $534.399 billion, according to the Weekly Statistical Supplement released by the RBI.
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 were down $340 million to $44.34 billion, the RBI said.
The Special Drawing Rights (SDRs) were up $51 million to $18.324 billion.
The country’s reserve position with the IMF was down $2 million to $6.01 billion in the reporting week, as per the apex bank data.
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