The Reserve Bank of India said on Friday that India’s foreign exchange reserves increased by $5.977 billion to $578.778 billion in the week ending March 24, marking the second consecutive weekly gain. The total kitty increased by $12.8 billion to $572.8 billion over the previous reporting week.
It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of $645 billion in October 2021. The reserves have been dropping as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events. According to the Weekly Statistics Supplement published by the RBI, the foreign currency assets, a significant part of the reserves, climbed by $4.38 billion to $509.728 billion for the week ending March 24.
The value of the gain or depreciation of non-US currencies like the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, expressed in dollar terms. The RBI said that gold reserves increased by $1.37 billion to $45.48 billion. According to the apex bank, the Special Drawing Rights (SDRs) increased by $201 million to total $18.419 billion. According to statistics from the apex bank, the nation’s reserve position with the IMF increased by $27 million to $5.151 billion during the reporting week.