India's Forex Reserves Rise By $140 Million To Hit Fresh Peak Of $642.63 Billion

The previous peak level was recorded in September 2021 when the country's foreign exchange reserves reached $642.453 billion

Forex
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India's forex reserves increased by $140 million to touch its all-time high of $642.631 billion during the week ended March 22, the Reserve Bank said.

This is the fifth consecutive week of a jump in the overall reserves. The kitty had increased by $6.396 billion to $642.492 billion in the previous reporting week.

The previous peak level was recorded in September 2021 when the country's foreign exchange reserves reached $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.

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For the week ended March 22, the foreign currency assets, a major component of the reserves, decreased by $123 million to $568.264 billion, the 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 by $347 million to $51.487 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $57 million to $18.219 billion, the apex bank said.

India's reserve position with the IMF was also down by $27 million to $4.662 billion in the reporting week, the RBI data showed.

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