India’s forex reserves jump USD 4.03 bn to USD 598.89 bn

India’s forex reserves jumped by USD 4.039 billion to USD 598.897 billion for the week ended September 1, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had dropped by USD 30 million to USD 594.858 billion. It can be noted that 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 September 1, the foreign currency assets, a major component of the reserves, increased by USD 3.442 billion to USD 530.691 billion, according to the Weekly Statistical Supplement released by the RBI.

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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 584 million to USD 44.939 billion, the RBI said. The Special Drawing Rights (SDRs) were up by USD 1 million to USD 18.195 billion, the apex bank added. The country’s reserve position with the IMF was also up by USD 12 million to USD 5.073 billion in the reporting week, the RBI data showed.