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India's foreign exchange reserves grow by $6.396 billion to $642.492
Image Credit: Public Domain Pictures for Pixabay

India's foreign exchange reserves grow by $6.396 billion to $642.492

| @indiablooms | 22 Mar 2024, 08:30 pm

Mumbai: India's foreign exchange kitty fattened by $6.396 billion to $642.492 billion for the week ending on March 15, as per the statement from the Reserve Bank on Friday.

In the preceding week, the total reserves had grown by $10.47 billion to $636.095 billion.

In October 2021, the nation's foreign exchange reserves had reached a record high of $645 billion.

The reserves experienced a decline as the central bank used them to support the rupee amidst pressures primarily stemming from global developments since the previous year.

For the week ending March 15, the foreign currency assets, a significant component of the reserves, surged by $6.034 billion to $568.386 billion, according to the data.

The foreign currency assets, when expressed in dollar terms, account for the impact of the appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves soared by $425 million to $51.14 billion during the week, as reported by the RBI.

The Special Drawing Rights (SDRs) increased by $65 million to $18.276 billion, according to the central bank. India's reserve position with the IMF declined by $129 million to $4.689 billion in the reporting week, as per the apex bank's data.

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