India's forex kitty increased by $13 billion, reaches $609 Billion

• Image Credit: Google

• Jul 21, 2023 | Dhupali Das

India's forex reserves have swelled by USD 12.743 billion to USD 609.022 billion in the week ended...

Digital Desk: India's forex reserves have swelled by USD 12.743 billion to USD 609.022 billion in the week ended July 14, marking one of the largest weekly increases in recent times, the Reserve Bank of India said today. 

The overall reserves had increased by USD 1.23 billion to USD 596.28 billion in the previous reporting week.

It should be noted that in October 2021, the country's forex reserves reached an all-time high of USD 645 billion. The reserves have been dwindling as the central bank uses the funds to safeguard the rupee against pressures induced primarily by global developments.

The overall kitty had grown by USD 10.417 billion in the week ending January 13 of this year.

According to the Weekly Statistical Supplement provided by the RBI today, foreign currency assets, a major component of reserves, grew by USD 11.198 billion for the week ended July 14, to USD 540.166 billion.

Foreign currency assets, expressed in dollars, include the effect of appreciation or depreciation of non-US units held in foreign exchange reserves, such as the euro, pound, and yen.

The Reserve Bank of India said that gold reserves increased by USD 1.137 billion to USD 45.197 billion.

The Special Drawing Rights (SDRs) increased by USD 250 million to USD 18.484 billion, according to the apex bank.

The country's reserve position with the IMF increased by USD 158 million in the reporting week to USD 5.175 billion, the apex bank data showed. 

Source: NDTV