India’s forex reserves jump $2.35 billion to $596 billion

India’s forex reserves increased by USD 2.35 billion to USD 596.098 billion for the week ended June 16, the Reserve Bank said on Friday. The overall reserves had dropped by USD 1.318 billion to USD 593.749 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 USD 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 USD 2.578 billion to USD 527.651 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 USD 324 million to USD 45.049 billion, the RBI said. The Special Drawing Rights (SDRs) were up by USD 62 million to USD 18.249 billion, the central bank said. The country’s reserve position with the IMF was up by USD 34 million to USD 5.149 billion in the reporting week, the apex bank data showed.

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