India's forex reserves jump USD 2.98 billion to hit fresh peak of USD 648.56 billion: RBI
Business | April 12, 2024 17:53 ISTIndia's forex reserves jumped to hit a fresh peak of USD 648.56 billion, RBI said on Friday.
India's forex reserves jumped to hit a fresh peak of USD 648.56 billion, RBI said on Friday.
Business news: According to the Reserve Bank of India, Gold reserves increased USD 673 million to USD 52.16 billion during the week. The Special Drawing Rights were down USD 73 million to USD 18.145 billion, the apex bank added.
Business news: RBI said the gold reserves increased by USD 347 million to USD 51.487 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by USD 57 million to USD 18.219 billion.
Business news: Gold reserves during the week rose from USD 425 million to USD 51.140 billion. In the calendar year 2023, the RBI added about USD 58 billion to its foreign exchange kitty.
Business news: Forex reserves or foreign exchange reserves (FX reserves), are assets that are held by a nation's central bank or monetary authority.
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 USD 446 million to USD 47.577 billion during the week, the RBI said.
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.
Business news: In October 2021, the country's foreign exchange reserves touched an all-time high of about USD 645 billion. Much of the decline can be attributed to RBI's recent intervention and a rise in the cost of imported goods.
Forex reserves India: The Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies.
In July, foreign investors turned net buyers in the Indian equities nearly after 10 months, with an investment of around Rs 4,980 crore in the Indian equity markets.
As per the RBI's data issued on May 28, the country's foreign exchange reserves rose by USD 2.865 billion to a record high of USD 592.894 billion for the week ended May 21.
The country's foreign exchange reserves rose by USD 1.701 billion to a lifetime high of USD 473 billion in the week to February 7 on account of increase in foreign currency assets, according to RBI data. In the previous week, the foreign exchange reserves had swollen by USD 4.607 billion to USD 471.3 billion.
The country's foreign exchange reserves touched a record high of USD 461.157 billion, after it surged by USD 3.689 billion in the week to January 3, according to the RBI data.
India's forex reserves rose by USD 441 million to a fresh lifetime high of USD 448.249 billion in the week to November 15 on an increase in core currency assets, RBI data showed on Friday.
The country's foreign exchange reserves surged by USD 4.24 billion to touch a record high of USD 437.83 billion in the week to October 4, according to the latest data from the Reserve Bank of India.
India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and India's position with the International Monetary Fund (IMF).
In the previous week, the reserves had increased by USD 728.9 million to USD 421.487 billion. The reserves had touched a life-time high of USD 421.914 billion on February 9, FY18.
The surge in reserves was aided by an increase in foreign currency assets, a major component of the overall reserves.
In the previous week, the reserves had marginally declined by USD 161.9 million to USD 386.377 billion.
Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
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