India's Forex Reserves Rise to USD 654.271 Billion
India's foreign exchange reserves increased by USD 305 million to USD 654.271 billion during the week ended March 14, according to the Reserve Bank of India. The rise was attributed to a forex swap done by the RBI, but reserves have been declining recently due to revaluation and forex market...
Photograph: Kham/Reuters
Mumbai, Mar 21 (PTI) The country's forex reserves increased by USD 305 million to USD 654.271 billion during the week ended March 14, the RBI said on Friday.
In the previous reporting week, the overall reserves rose by USD 15.267 billion to USD 653.966 billion and registered the sharpest weekly rise in two years. The spike in foreign reserves was partly attributed to the USD 10 billion forex swap done by the Reserve Bank of India.
The reserves have been on a declining trend recently due to revaluation, along with forex market interventions by the RBI to help reduce volatilities in the rupee. The forex reserves increased to an all-time high of USD 704.885 billion in September 2024.
For the week ended March 14, foreign currency assets, a major component of the reserves, decreased by USD 96 million to USD 557.186 billion, the data released on Friday showed.
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 increased by USD 66 million to USD 74.391 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 51 million to USD 18.262 billion, the apex bank added.
India's reserve position with the IMF was also up by USD 283 million at USD 4.431 billion in the reporting week, the apex bank data showed.
In the previous reporting week, the overall reserves rose by USD 15.267 billion to USD 653.966 billion and registered the sharpest weekly rise in two years. The spike in foreign reserves was partly attributed to the USD 10 billion forex swap done by the Reserve Bank of India.
The reserves have been on a declining trend recently due to revaluation, along with forex market interventions by the RBI to help reduce volatilities in the rupee. The forex reserves increased to an all-time high of USD 704.885 billion in September 2024.
For the week ended March 14, foreign currency assets, a major component of the reserves, decreased by USD 96 million to USD 557.186 billion, the data released on Friday showed.
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 increased by USD 66 million to USD 74.391 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 51 million to USD 18.262 billion, the apex bank added.
India's reserve position with the IMF was also up by USD 283 million at USD 4.431 billion in the reporting week, the apex bank data showed.
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