India’s Forex Kitty Rises By USD 6.40 Bn To USD 642.50 Bn

New Delhi: India’s forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday.

In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion.

In October 2021, the country’s forex kitty had reached an all-time high of USD 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 March 15, the foreign currency assets, a major component of the reserves, increased by USD 6.034 billion to USD 568.386 billion, the data showed. 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 increased by USD 425 million to USD 51.14 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 65 million to USD 18.276 billion, the apex bank said. India’s reserve position with the IMF was down by USD 129 million to USD 4.689 billion in the reporting week, the apex bank data showed.