The Reserve Bank of India (RBI) on Friday said that India’s foreign exchange reserves jumped USD 708 million to USD 602.161 billion for the week ended August 11.
This is the first increase in the foreign exchange reserves after declining for three consecutive weeks. In the previous reporting week, the overall reserves had declined USD 2.417 billion to USD 601.453 billion.
For the week ended August 11, the foreign currency assets, a major component of the reserves, increased USD 999 million to USD 534.399 billion, according to the Weekly Statistical Supplement released by the RBI.
The country’s foreign exchange reserves touched an all-time high of USD 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.
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.
While gold reserves were down USD 340 million to USD 44.34 billion, and the Special Drawing Rights (SDRs) were up USD 51 million to USD 18.324 billion.
