India's forex reserves rise $1.23 billion to $596.28 billion

Reserve Bank of India said India's forex reserves rise $1.23 billion to $596.28 billion

India's foreign exchange reserves jumped $1.229 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion.

In October 2021, the country's forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments. For the week ended July 7, the foreign currency assets, a major component of the reserves, increased $989 million to $528.968 billion, according to the Weekly Statistical Supplement released by the RBI. For the week ended July 7, the foreign currency assets, a major component of the reserves, increased $989 million to $528.968 billion, according to the Weekly Statistical Supplement released by the RBI.

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 $228 million to $44.06 billion, the RBI said. Gold reserves were up $228 million to $44.06 billion, the RBI said.

The Special Drawing Rights (SDRs) were down $4 million to $18.235 billion. The country's reserve position with the IMF was up $15 million to $5.017 billion in the reporting week, as per the RBI data. The country's reserve position with the IMF was up $15 million to $5.017 billion in the reporting week, as per the RBI data.