Diabytes
India's forex reserves News
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Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception.
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In the preceding week ended May 16, the country’s forex kitty had declined by $4.89 billion to $685.73 billion. However, prior to this, the foreign exchange reserves surged by $4.5 billion to $690.62 billion for the week ended May 9.
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An increase in the foreign exchange reserves reflects strong fundamentals of the economy and gives the RBI more headroom to stabilise the rupee when it turns volatile.
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The gold reserves also witnessed a hit, decreasing USD 2.545 million to USD 81.82 billion during the reporting week.
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In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022.
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According to the latest data from the RBI released this week, India's foreign currency assets (FCA), the largest component of forex reserves, were at USD 604,144 points.
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Prior to this, India's foreign exchange reserves surged by $4.3 billion during the week ended June 7 to scale a life-time high of $655.8 billion.
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Gold reserves increased by USD 347 million to USD 51.487 billion during the week, the RBI said.
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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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This was the highest gain since the week concluding on July 14.
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India's forex reserves slumped by $11.173 billion to $606.475 billion for the week ended April 1.
This is the highest decline in the country`s forex reserves ever.
India's forex reserves had declined by $2.03 billion to $617.648 billion during the week ended March 25.
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The overall forex reserves inched down to USD 400.85 billion from USD 400.88 billion reported for the week ended August 10, according to the RBI.
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The foreign currency reserves, a major component of the overall reserves, declined by USD 1.028 billion to USD 376.428 billion, according to the RBI data.
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According to BofAML, the RBI has bought about USD 16 billion in the spot market since April.
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Expressed in US dollar terms, FCAs include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.
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Gold reserves remained unchanged at USD 20.095 billion.
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India's forex reserves surged by USD 2.404 billion to reach life-time high of USD 381.167 billion in the week to June 2 on account of rise in foreign currency assets, the Reserve Bank said on Friday.
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The country's forex reserves rose by a whopping USD 4.036 billion to life-time high of USD 379.310 billion in the week ended May 19, helped by a surge in the foreign currency assets, the Reserve Bank said.
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After touching a record high, the country's forex reserves declined marginally by USD 443.6 million to USD 375.27 billion in the week to May 12, due to fall in foreign currency assets, the Reserve Bank said.
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India's foreign exchange reserves rose by USD 889.4 million to USD 369.887 billion during the week ended April 14, helped by increase in foreign currency assets, the Reserve Bank said.
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