India’s Forex Reserve: The Reserve Bank of India on Friday claimed that the forex exchange reserves of the country have risen by USD 1.853 billion to USD 595.051 billion in the week ended on June 30. However, in the previous reporting week, the overall reserve dropped by USD 2.901 billion to USD 593.198 billion.
The forex reserves reached an all-time high in Oct 2021
India, earlier on October 2021, recorded an all-time high forex reserve of USD 645 billion. However, the country is witnessing reserves facing a decline as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Weekly Statistical Supplement released on Friday
RBI on Friday released the Weekly Statistical Supplement, according to which, the foreign currency assets, a major component of the reserves, increased by USD 2.539 billion to USD 527.979 billion for the week ended on the week ended on June 30.
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 witnessed a drop
Gold reserves dropped by USD 472 million to USD 43.832 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 95 million to USD 18.239 billion, the apex bank said.
The country’s reserve position with the IMF was down by USD 118 million to USD 5.002 billion in the reporting week, the apex bank data showed.
(with inputs from PTI)
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