India’s forex kitty jumps USD 2.95 bn to new all-time high of USD 645.58 bn

Mumbai, Apr 5 (PTI) India’s foreign exchange reserves increased USD 2.951 billion to USD 645.583 billion for the week ended March 29, the Reserve Bank of India (RBI) said on Friday.

This is the sixth consecutive week of a jump in overall reserves. The kitty had increased USD 140 million to USD 642.631 billion in the previous reporting week.

The country’s forex kitty had in September 2021 reached an all-time high of USD 642.453 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 29, the foreign currency assets, a major component of the reserves, increased USD 2.354 billion to USD 570.618 billion, data released on Friday 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 USD 673 million to USD 52.16 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down USD 73 million to USD 18.145 billion, the apex bank said.

India’s reserve position with the IMF was also down USD 2 million to USD 4.66 billion in the reporting week, the apex bank data showed.