New Delhi: The Reserve Bank of India on Friday said that India’s forex reserves jumped $6.55 billion to $625.626 billion for the week ended March 1.
In the previous reporting week, the overall reserves had risen by $2.975 billion to $619.072 billion.
As per the data, for the week ended March 1, the foreign currency assets, a major component of the reserves, increased by $6.043 billion to $554.231 billion.
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.
The RBI data also said that the gold reserves increased by $569 million to $48.417 billion during the week.
The Special Drawing Rights (SDRs) were down by $17 million to $18.18 billion, the RBI said.
India’s reserve position with the IMF was also down by $41 million to $4.798 billion in the reporting week, the data showed.
It is worth highlighting that India’s forex kitty had reached an all-time high of $645 billion in October 2021.
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.
Agencies