India’s forex reserves jump USD 2.75 bn to USD 623.2 bn

Mumbai: India’s forex reserves jumped by USD 2.759 billion to USD 623.2 billion in the week ended December 29, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had increased by USD 4.471 billion to USD 620.441 billion.

In October 2021, the country’s forex kitty had reached 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 December 29, the foreign currency assets, a major component of the reserves, increased by USD 1.869 billion to USD 551.615 billion, as per the data from the Reserve Bank of India (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 up by USD 853 million to USD 48.328 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 38 million to USD 18.365 billion, the apex bank said.

India’s reserve position with the IMF was down by USD 2 million to USD 4.892 billion in the reporting week, the apex bank data showed.