India's Forex Reserves Jumps To New High Of USD 648 Billion

India’s forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday.

In the previous reporting week, the forex kitty had increased by USD 2.951 billion to USD 645.583 billion, which was an all-time high.

In September 2021, the country’s forex kitty reached an all-time high of USD 642.453 billion, a level that was breached in March this year.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global events, but there has been a steady accretion over the past few months.

For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 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 USD 2.398 billion to USD 54.558 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 24 million to USD 18.17 billion, the apex bank said.

India’s reserve position with the IMF was also up by USD 9 million to USD 4.669 billion in the reporting week, the apex bank data showed.