Foreign exchange reserves reach US$ 609 bn on July 14 week: RBI

Even in the previous reporting week, the reserves had also experienced growth, rising by US$ 1.23 billion to US$ 596.28 billion

July 24, 2023

The reserves surged by US$ 12.743 billion

In October 2021, India's forex reserves reached an all-time high of US$ 645 billion

Earlier this year, during the week ending January 13, the overall reserves had expanded by US$ 10.417 billion

The gold reserves also saw a rise, increasing by US$ 1.137 billion to US$ 45.197 billion

India’s foreign exchange reserves surged by US$ 12.743 billion, reaching US$ 609.022 billion by the week ending July 14, according to the Reserve Bank of India (RBI) on Friday. 

This increase marks one of the most substantial weekly rises in recent times. In the previous reporting week, the reserves had also experienced growth, rising by US$ 1.23 billion to US$ 596.28 billion.

In the week ending July 14, the major component of the reserves, foreign currency assets, increased by US$ 11.198 billion to US$ 540.166 billion, according to the Weekly Statistical Supplement released by the RBI. Foreign currency assets represent the holdings of non-US currencies like the euro, pound, and yen, and their value is influenced by their appreciation or depreciation against the US dollar.

The gold reserves also increased by US$ 1.137 billion to US$ 45.197 billion, as per the RBI’s statement. The Special Drawing Rights (SDRs) also rose by US$ 250 million to US$ 18.484 billion.

It is worth noting that in October 2021, India’s forex reserves reached an all-time high of US$ 645 billion. However, since then, the reserves have been gradually declining due to the central bank’s use of the reserves to defend the Indian rupee against pressures arising mainly from global developments. Earlier this year, during the week ending January 13, the overall reserves had expanded by US$ 10.417 billion.

Finally, India’s reserve position with the International Monetary Fund (IMF) increased by US$ 158 million to US$ 5.175 billion during the reporting week, as per data provided by the apex bank.

Source: Financial Express

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