Mumbai, Sep 11 (PTI) India’s forex reserves jumped by a record USD 44.903 billion to a new lifetime high of USD 785.706 billion during the week ended September 4, the RBI said on Friday.
In the previous reporting week, the overall reserves increased USD 11.475 billion to a new all-time high of USD 740.803 billion.
The kitty had been declining since the start of the conflict in West Asia earlier this year, as the rupee came under pressure and the RBI had to intervene in the forex market through dollar sales.
However, the reserves started increasing since the RBI announced concessional forex swap initiatives in June this year amid a sharp depreciation in the local currency. The move has yielded over USD 136 billion in new flows.
For the week ended September 4, foreign currency assets, a major component of the reserves, increased USD 47.498 billion to USD 648.168 billion, the central bank’s data showed.
Expressed in dollar terms, foreign currency assets include the effects of appreciation or depreciation of non-US units, such as the euro, pound, and yen, held in the foreign exchange reserves.
Value of gold reserves decreased USD 2.594 billion to USD 113.816 billion during the week, the RBI said, adding that the special drawing rights (SDRs) were down by USD 4 million at USD 18.806 billion.
India’s reserve position with the IMF was up USD 2 million to USD 4.916 billion at the end of the reporting week, according to the apex bank’s data. PTI AA TRB
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