India’s forex reserves increased by $2.35 billion to $596.098 billion for the week ended June 16, the Reserve Bank said on Friday.
Photograph: Mohamed Abd El Ghany/Reuters
The overall reserves had dropped by $1.32 billion to $593.75 billion in the previous reporting week.
It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
For the week ended June 16, the foreign currency assets, a major component of the reserves, increased by $2.578 billion to $527.65 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.
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 dropped by $324 million to $45.05 billion, the RBI said.
The Special Drawing Rights (SDRs) were up by $62 million to $18.249 billion, the central bank said.
The country’s reserve position with the IMF was up by $34 million to $5.15 billion in the reporting week, the apex bank data showed.
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