The Reserve Bank of India said on Friday that India’s currency reserves climbed by USD 6.396 billion to USD 642.492 billion in the week ending March 15.
In the preceding reporting week, total reserves increased by USD 10.47 billion to USD 636.095 billion.
In October 2021, the country’s foreign reserves hit a record high of USD 645 billion. The reserves fell as the central bank utilized the funds to safeguard the rupee against pressures driven mostly by global developments since last year.
The report revealed that foreign currency assets, a significant component of reserves, climbed by USD 6.034 billion to USD 568.386 billion in the week ending March 15.
Climbs of the reserves
Foreign currency assets, expressed in dollar terms, include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
The RBI said that gold reserves climbed by USD 425 million to USD 51.14 billion this week.
The apex bank said that Special Drawing Rights (SDRs) increased by USD 65 million to USD 18.276 billion.
India’s reserve position with the IMF fell by USD 129 million to USD 4.689 billion during the reporting week, according to apex bank statistics.
