Foreign Exchange Reserves of India: The Reserve Bank of India on Friday claimed that the country’s foreign exchange reserves increased by USD 1.853 billion to USD 595.051 billion in the week ended June 30. However, in the previous reporting week, the total reserves declined by US$ 2.901 billion. to US$ 593.198 billion.
Foreign exchange reserves reached an all-time high in October 2021
India had earlier recorded an all-time high foreign exchange reserves of USD 645 billion as of October 2021. However, the country’s reserves are seeing a decline as the central bank is raising funds to protect the rupee amid pressure due to global developments.
Weekly Statistical Supplement released on Friday
Foreign currency assets, a major component of reserves, increased by USD 2.539 billion to USD 527.979 billion in the week ended June 30, according to the RBI’s weekly statistical supplement released on Friday.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
gold reserves saw a decline
The RBI said gold reserves decreased by USD 472 million to USD 43.832 billion. The apex bank said special drawing rights (SDRs) declined by USD 95 million to USD 18.239 billion.
The country’s reserve position with the IMF declined by USD 118 million to USD 5.002 billion in the week under review, data from the apex bank showed.
(With inputs from PTI)