India’s Forex Kitty Grows By USD 2.579 Billion; Hits 1-Month High
New Delhi: The Reserve Bank Of India (RBI) Friday informed that India’s foreign exchange has seen a significant jump of USD 2.579 billion and reached to USD 586.111 billion. The tally was from the week ended on October 27.
The Weekly Statistical Supplement released by the RBI said the foreign exchange assests jumped by USD 2.303 billion to USD 514.504 billion. It is worth noting that the overall reserves in the previous reporting week had dropped by USD 2.363 billion to USD 583.532 billion.
India in October 2021 had gathered forex kitty of USD 645 billion, which was all-time high. However, the central bank had to deploy the reserve to defend rupee during the sensitive time that majorly occured due to global developments since last year.
The foreign currency assets incoporates the influence of appreciation or depreciation of non-US units; pound, yen and euro, which is held in the foreign exchange reserves.
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The report revealed that the gold assests were up by USD 499 million to USD 45.923 billion. Meanwhile, the Special Drawing Rights (SDRs) dropped by USD 15 million to USD 17.91 billion.
As per the data released by the central bank, reserve position of India with the IMF was down by USD 208 million to USD 4.773 billion in the reporting week.
Rupees Declines
India’s foreign exchange reserve’s growth is registered at a time when rupees’ stand is continued to be nuetral. Meanwhile, the domestic currency of India dropped 5 paise against the dollar, which is recorded at 83.29 compared to previous close of 83.24.
