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India's forex reserves grow by $6.55 billion to $625.626 billion: RBI data
Photo courtesy: Public Domain pictures for Pixabay

India's forex reserves grow by $6.55 billion to $625.626 billion: RBI data

| @indiablooms | 08 Mar 2024, 11:51 pm

New Delhi: India's foreign exchange reserves surged by $6.55 billion to reach $625.626 billion for the week ending March 1, according to data released by the Reserve Bank of India announced on Friday.

In the previous week, the total reserves had increased by $2.975 billion, reaching $619.072 billion.

It is noteworthy that India's foreign exchange reserves hit an all-time peak of $645 billion in October 2021.

However, these reserves decreased as the central bank tapped into them to bolster the rupee against pressures primarily arising from global developments since the prior year.

As per the RBI data, for the week ending March 1, foreign currency assets, which constitute a major portion of the reserves, increased by $6.043 billion to reach $554.231 billion.

The foreign currency assets, when stated in dollar terms, reflect the impact of the rise or fall in the value of non-US currencies such as the euro, pound, and yen, which are held in the foreign exchange reserves.

The Reserve Bank of India (RBI) reported that gold reserves rose by $569 million to $48.417 billion during the week.

According to the apex bank, the Special Drawing Rights (SDRs) decreased by $17 million to $18.18 billion.

Additionally, India's reserve position with the International Monetary Fund (IMF) fell by $41 million to $4.798 billion during the reporting week, as per data from the apex bank.

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