India’s forex reserves rise by $140 million to hit fresh peak of $642.63 billion

India's forex reserves rise by $140 million to hit fresh peak of $642.63 billion

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India’s forex reserves have increased yet again, RBI data shows. This is the fifth consecutive week of a jump in the overall reserves.
| Photo Credit: Reuters

India’s forex reserves increased by $140 million to touch its all-time high of $642.631 billion during the week ended March 22, the Reserve Bank of India said.

This is the fifth consecutive week of a jump in the overall reserves. The kitty had increased by $6.396 billion to $642.492 billion in the previous reporting week.

The previous peak was recorded in September 2021, when the country’s foreign exchange reserves reached $642.453 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended March 22, the foreign currency assets, a major component of the reserves, decreased by $123 million to $568.264 billion, the data released on March 29 showed.

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 up

Gold reserves increased by $347 million to $51.487 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by $57 million to $18.219 billion, the apex bank said. India’s reserve position with the IMF was also down by $27 million to $4.662 billion in the reporting week, the RBI data showed.

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