Discover how India’s foreign exchange reserves surged by $963 million to $672.587 billion, driven by a significant increase in gold reserves despite a dip in foreign currency assets, according to the latest RBI data.
Illustration: Dado Ruvic/Reuters
Key Points
- India’s forex reserves increased by $963 million to $672.59 billion by June 19.
- This rise follows a previous week’s decline of $9.98 billion in overall reserves.
- Foreign currency assets, a major component, decreased by $3.07 billion.
- The value of gold reserves saw a substantial increase of $4.11 billion during the week.
- Special Drawing Rights (SDRs) and India’s reserve position with the IMF also experienced minor changes.
India’s forex reserves increased by $963 million to $672.59 billion during the week ended June 19, the RBI said on Friday.
In the previous reporting week, the overall reserves had dropped by $9.98 billion to $671.62 billion.
Key Components Of India’s Forex Reserves
For the week ended June 19, foreign currency assets, a major component of the reserves, decreased by $3.07 billion to $541.22 billion, according to the RBI.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
However, the value of gold reserves increased by $4.11 billion to $107.93 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down $52 million to $18.65 billion, the apex bank said. India’s reserve position with the IMF slipped $22 million to $4.79 billion in the reporting week, according to the apex bank’s data.
