Diabytes
Forex kitty News
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This is the fourth consecutive week of rise in the forex reserves kitty after the increase of $4.5 billion to $658.8 billion in the preceding week that ended on March 21.
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The RBI has, like other central banks, been buying gold as a safe-haven asset.
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However, gold reserves, which form part of the foreign exchange kitty, increased by $1.08 billion to $68.53 billion during the week, according to the central bank.
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A strong Forex kitty enables the RBI to intervene in the spot and forward currency markets by releasing more dollars to prevent the rupee from going into a free fall.
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India, with an expected 15.2 per cent share in world remittances in 2024, also continues to be the largest recipient of remittances globally.
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RBI Governor Shaktikanta Das on Friday referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.
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Market analysts attribute the decline in foreign currency assets to the RBI actively releasing dollars in the market to curb the volatility in the rupee.
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In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion.
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In the previous week, the reserves had increased by USD 1.148 billion to USD 394.55 billion.
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Gold reserves remained unchanged at USD 19.943 billion.
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Recently, American brokerage Morgan Stanley had estimated that the reserves could hit the USD 400-billion-mark by the week to September 8.
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Expressed in US dollar terms, Foreign Country Asset's include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Expressed in US dollar terms, Foreign Country Asset's include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
Country's foreign exchange reserves increased by USD 262.4 million to touch a new life-time high of USD 352.131 billion in the week to May 8 on account of rise in foreign currency assets, RBI said.
The foreign exchange reserves continued their upward momentum and scaled a new life time high at USD 341.378 billion, rising by USD 1.386 billion for the week ended March 27, the Reserve Bank data showed Friday.
RBI Deputy Governor H R Khan on Tuesday said though the country's forex kitty was at an all time high of USD 330 billion, there should be no complacency as no amount of reserves may be enough to fight extreme volatility.
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