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India’s forex reserves jumped $6.118 billion to $682.354 billion during the week ended July 24, the Reserve Bank said on Friday.
In the previous reporting week, the overall reserves had increased $1.08 billion to $676.237 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.
For the week ended July 24, foreign currency assets, a major component of the reserves, increased $4.873 billion to $555.929 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
The central bank and the government had launched a series of measures to attract more forex flows into the country last month, including the FCNR(B) measure. The country has so far received $32 billion under the schemes, as per reports.
Value of gold reserves increased $1.308 billion to $103.058 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down $53 million at USD 18.617 billion, the apex bank said.
India’s reserve position with the IMF was also down $11 million to $4.75 billion at the end of the reporting week, according to the apex bank’s data.
Also Read: Deficit turned into dependence? India’s growing trade deficit with China
In the previous reporting week, the overall reserves had increased $1.08 billion to $676.237 billion.
The kitty had expanded to an all-time high of $728.494 billion during the week ended February 27 this year before the onset of the Middle East conflict which led to several weeks of a drop as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
Prime Minister Narendra Modi has also made multiple public appeals starting May 11 to countrymen to conserve forex by cutting down on foreign travel, limiting fuel use and refraining from gold buys for a year.
For the week ended July 24, foreign currency assets, a major component of the reserves, increased $4.873 billion to $555.929 billion, the central bank’s data showed.
Expressed in dollar terms, the foreign currency assets include effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in foreign exchange reserves.
The central bank and the government had launched a series of measures to attract more forex flows into the country last month, including the FCNR(B) measure. The country has so far received $32 billion under the schemes, as per reports.
Value of gold reserves increased $1.308 billion to $103.058 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were down $53 million at USD 18.617 billion, the apex bank said.
India’s reserve position with the IMF was also down $11 million to $4.75 billion at the end of the reporting week, according to the apex bank’s data.
Also Read: Deficit turned into dependence? India’s growing trade deficit with China
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