Mumbai: India’s forex reserves rose by USD 2.908 billion to USD 564.06 billion for the week ended on December 9, according to the Reserve Bank of India (RBI) data released Friday. In the previous reporting week, the overall reserves had soared by USD 11 billion to USD 561.16 billion. This is the fifth consecutive week of an increase in the reserves.
In October 2021, the country’s foreign exchange kitty had reached an all-time high of USD 645 billion. The reserves had been declining as the central bank deployed the reserved to defend the rupee amid pressures caused majorly by global developments.
Foreign currency assets (FCA), a major component of the overall reserves, increased by USD 3.141 billion to USD 500.125 billion during the week to December 9, according to the Weekly Statistical Supplement released by the RBI.
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 however, decreased by USD 296 million to USD 40.729 billion. The Special Drawing Rights (SDRs) jumped by USD 61 million to USD 18.106 billion, the RBI said.
The country’s reserve position with the International Monetary Fund (IMF) was also up by USD 2 million to USD 5.11 billion in the reporting week, the data showed.