India's foreign exchange reserves increased by more than $ 12 billion, gold reserves also increased
According to RBI data, India's position in foreign exchange reserves has strengthened. The total reserves increased by US$ 1.23 billion to US$ 596.28 billion in the last reporting week. It may be noted that the country's forex kitty reached an all-time high of USD 645 billion in October 2021.
The Reserve Bank of India (RBI) has said that India's foreign exchange reserves have increased. India's foreign exchange reserves rose by USD 12.743 billion to USD 609.022 billion in the week ended July 14, the central bank said on Friday, one of the strongest weekly surges in recent times.
According to RBI data, India's position in foreign exchange reserves has strengthened. The total reserves increased by US$ 1.23 billion to US$ 596.28 billion in the last reporting week. It may be noted that the country's foreign exchange reserves reached an all-time high of USD 645 billion in October 2021. Reserves are falling as the central bank raises funds to protect the rupee amid pressure from global growth. In the week ending January 13 this year, the total kitty has expanded by US$ 10.417 billion.
Foreign currency assets, a major component of reserves, rose by USD 11.198 billion to USD 540.166 billion for the week ended July 14, according to the weekly statistical supplement released by the RBI on Friday. Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves.
The RBI said gold reserves increased by USD 1.137 billion to USD 45.197 billion. The apex bank further said that Special Drawing Rights (SDRs) increased by USD 250 million to USD 18.484 billion. RBI data showed that the country's reserve position with the IMF increased by US$ 158 million to US$ 5.175 billion in the week under review.
