India’s foreign exchange reserves rise USD 708 mln to USD 602.16 bln

Mumbai: India’s foreign exchange reserves jumped USD 708 million to USD 602.161 billion for the week ended August 11, the Reserve Bank of India (RBI) said on Friday.

This is the first increase in the kitty after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined USD 2.417 billion to USD 601.453 billion.

In October 2021, the country’s foreign exchange reserves touched an all-time high of USD 645 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 August 11, the foreign currency assets, a major component of the reserves, increased USD 999 million to USD 534.399 billion, 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 were down USD 340 million to USD 44.34 billion, the RBI said.

The Special Drawing Rights (SDRs) were up USD 51 million to USD 18.324 billion.

The country’s reserve position with the IMF was down USD 2 million to USD 5.098 billion in the reporting week, as per the apex bank data.