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HomeEconomyForex Reserves Increase by $2.975 Billion, Reaching $619 Billion

Forex Reserves Increase by $2.975 Billion, Reaching $619 Billion

India’s foreign exchange reserves saw a significant rise of $2.975 billion to reach $619.072 billion for the week ending February 23, as announced by the Reserve Bank on Friday.

In the preceding reporting period, the overall reserves had experienced a decline of $1.132 billion, reaching $616.097 billion.

During the week ending February 23, the foreign currency assets, which constitute a major portion of the reserves, surged by $2.405 billion to $548.188 billion.

The foreign currency assets, when expressed in dollar terms, factor in the impact of appreciation or depreciation of non-U.S. currencies like the euro, pound, and yen held in the foreign exchange reserves.

Additionally, the gold reserves witnessed an increase of $472 million, reaching $47.848 billion during the week, as per the RBI.

Furthermore, the Special Drawing Rights (SDRs) recorded an increase of $89 million, totaling $18.197 billion, according to the apex bank.

India’s reserve position with the International Monetary Fund (IMF) also rose by $9 million to reach $4.839 billion in the reporting week, as per data from the apex bank.

It’s worth noting that India’s forex reserves had reached an all-time high of $645 billion in October 2021.