Forex Update: India's Foreign Exchange Reserves Jump $9.1 Billion To Hit 20-Month High Of $616 Billion
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Increase in Forex Reserves
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India's foreign exchange reserves went up by $9.1 billion, reaching $615.97 billion.
Continued Growth
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This marks the fifth consecutive week of an increase in reserves.
Previous Week's Rise
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In the week prior, reserves had also risen by $2.816 billion to $606.859 billion.
Record High in October
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In October 2021, India hit an all-time high of $645 billion in forex reserves.
Forex Use
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The central bank used some of these reserves to stabilize the rupee amidst global pressures.
Foreign Currency Assets
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A significant part of the reserves, these rose by $8.349 billion to $545.048 billion.
Currency Effects
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The foreign currency assets are influenced by changes in non-US currencies like the euro, pound, and yen.
Gold Reserves
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Gold reserves increased by $446 million, reaching $47.577 billion.
Special Drawing Rights
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These went up by $135 million to $18.323 billion.
IMF Reserve Position
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1. India's reserve position with the IMF rose by $181 million to $5.023 billion.