Forex Reserves India: India’s forex reserves gained pace, crossed $654 billion
RBI said that gold reserves increased by US$ 66 million to reach US$ 74.391 billion.
The country’s foreign exchange reserves increased by US$ 305 million to reach US$ 654.271 billion during the week ended March 14. The Reserve Bank of India (RBI) gave this information on Friday.
In the previous reporting week, the total reserves had increased by US$ 15.267 billion to US$ 653.966 billion and was the fastest weekly increase in two years. This jump in foreign reserves was partly due to the US$ 10 billion forex swap done by the Reserve Bank of India.
Recently a downward trend was observed in the reserves, which was due to the RBI’s intervention in the foreign exchange market to reduce volatility in the rupee and the revaluation. The foreign exchange reserves had hit an all-time high of US$ 704.885 billion in September 2024.
Foreign currency assets, a major part of the reserves, declined by US$ 96 million to US$ 557.186 billion for the week ended March 14. The data was released on Friday. Foreign currency assets expressed in dollar terms include the impact of appreciation or depreciation of non-US units such as the euro, pound and yen, which are held in the foreign exchange reserves.
The RBI said gold reserves rose by US$ 66 million to US$ 74.391 billion. Special drawing rights (SDRs) rose by US$ 51 million to US$ 18.262 billion. India’s reserve position with the International Monetary Fund (IMF) also rose by US$ 283 million to US$ 4.431 billion in the reporting week.