India’s forex reserve hit an all-time high: India’s foreign exchange reserves climbed by US$2.98 billion to a fresh high of US$648.562 billion during the week ended April 5, the RBI said on Friday. In the preceding reporting week, foreign exchange reserves had expanded by US$2.951 billion to US$645.583 billion, a record high.
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In September 2021, the country’s forex kitty attained an all-time high of US$642.453 billion, which was surpassed in March this year.
Reserves were hit by the central bank’s use of reserves to safeguard the rupee amid pressures brought on by global events, but have steadily risen over the last few months. For the week ended April 5, foreign currency assets, a key component of reserves, climbed by US$549 million to US$571.166 billion, as per data released on Friday.
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Expressed in dollar terms, foreign exchange assets incorporate the effect of revaluation or depreciation of non-US units such as the euro, pound, and yen held in foreign exchange reserves. The RBI said gold reserves expanded by US$2.398 billion to US$54.558 billion during the week. The apex bank said special drawing rights (SDRs) increased by US$24 million to US$18.17 billion. India’s reserve position with the IMF also increased by US$9 million to US$4.669 billion during the week under review, data from the apex bank showed.
(With PTI’s Input)
