India’s forex reserves surged by $140 million to reach an unprecedented high of $642.631 billion during the week ending March 22, as reported by the Reserve Bank.
This marks the fifth consecutive week of growth in the overall reserves, with the previous reporting week witnessing a substantial increase of $6.396 billion, bringing the reserves to $642.492 billion.
The previous record was set in September 2021 when the country’s foreign exchange reserves peaked at $642.453 billion.
While the central bank had utilized a portion of the reserves to stabilize the rupee amidst global uncertainties since last year, the reserves have steadily rebounded.
In the week ending March 22, foreign currency assets, a significant component of the reserves, dipped by $123 million to $568.264 billion, according to the latest data released on Friday. This includes adjustments for fluctuations in non-US currencies such as the euro, pound, and yen held in the reserves.
Simultaneously, gold reserves witnessed a notable increase of $347 million to reach $51.487 billion, as confirmed by the RBI.
The Special Drawing Rights (SDRs) experienced a slight decline of $57 million, settling at $18.219 billion.
India’s reserve position with the International Monetary Fund (IMF) also saw a minor decrease of $27 million, reaching $4.662 billion during the reporting week, as per the RBI’s data.
sources Of Information: Business Standard
