Forex Update: India’s Foreign Exchange Reserves Jump $9.1 Billion To Hit 20-Month High Of $616 Billion

Increasing for the fifth week in a row, India’s foreign exchange (forex) reserves jumped $9.11 billion during the week ended December 15 to hit an over 20-month high of $615.97 billion.

In the previous reporting week, the overall reserves had risen $2.816 billion to $606.859 billion.

In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended December 15, the foreign currency assets, a major component of the reserves, increased $8.349 billion to $545.048 billion, as per the Reserve Bank of India (RBI) data released on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves were up $446 million to $47.577 billion during the week, the RBI said. The special drawing rights (SDRs) were up $135 million to $18.323 billion, the apex bank said.

India’s reserve position with the IMF rose $181 million to $5.023 billion in the reporting week, the apex bank data showed.

(With PTI Inputs)