Foreign Currency

India’s forex kitty rises by $6.40 billion to $642.50 billion – Economy News

India’s forex reserves increased by $6.396 billion to $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 $10.47 billion to $636.095 billion. In October 2021, the country’s forex kitty had reached an all-time high of $ 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 $6.034 billion to $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 $425 million to $51.14 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $65 million to $18.276 billion, the apex bank said. India’s reserve position with the IMF was down by $129 million to $4.689 billion in the reporting week, the apex bank data showed. 

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