Indian forex reserves up by US$ 1.153 billion to US$ 585.895 billion

After the increase, total foreign reserves in India reached US$ 585.895 billion for the week concluding on October 13, 2023

October 23, 2023

In the preceding week, there had been a decrease of US$ 2.166 billion

Gold reserves showed an impressive surge of US$ 1.27 billion, elevating the total to US$ 43.58 billion

Special Drawing Rights (SDRs) also increased by US$ 72 million, reaching a sum of US$ 18 billion

In October 2021, India's foreign exchange reserves reached a record high of US$ 645 billion

India’s foreign exchange reserves saw a robust upswing of US$ 1.153 billion, reaching US$ 585.895 billion for the week concluding on October 13, 2023, according to the latest data from the Reserve Bank of India (RBI).

In the preceding week, there had been a decrease of US$ 2.166 billion, resulting in forex reserves standing at US$ 584.742 billion by the week ending on October 6.

As outlined in the RBI’s Weekly Statistical Supplement, Foreign currency assets (FCAs) experienced a slight drop of US$ 178 million, resting at US$ 519.35 billion. FCAs, when expressed in terms of U.S. dollars, encompass the impact of fluctuations in the values of non-US currencies such as the euro, pound, and yen that are held within the foreign exchange reserves.

Gold reserves, on the other hand, showed an impressive surge of US$ 1.27 billion, elevating the total to US$ 43.58 billion. Special Drawing Rights (SDRs) also increased by US$ 72 million, reaching a sum of US$ 18 billion.

In contrast, the reserve position held in the International Monetary Fund (IMF) decreased by US$ 8 million, settling at US$ 4.98 billion.

India’s foreign exchange reserves reached a record high of US$ 645 billion in October 2021..

The RBI diligently monitors foreign exchange markets and intervenes when necessary to maintain stability and control excessive fluctuations in exchange rates, without setting predetermined target levels or bands.

Source: Economic Times

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