India's forex reserves rise by $ 2.734 billion to $ 593.323 billion

Mumbai, July 1, 2022

Reversing a three-week downtrend, India's foreign exchange reserves rose by $ 2.734 billion to $ 593.323 billion during the week ended June 24, the Reserve Bank of India (RBI) said on Friday.

The country's forex reserves had fallen by $ 5.870 billion to $ 590.588 billion during the previous week.

In its weekly statistical supplement released here on Friday, the central bank said that foreign currency assets, which constitute a major chunk of the foreign exchange reserves, had gone up by $ 2.334 billion to $ 529.216 billion during the week.

Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.

According to the bulletin, the country’s gold reserves went up by $ 342 million to $ 40.926 billion while its special drawing rights (SDRs) increased by $ 55 million to $ 18.210 billion during the week.

India's reserve position in the International Monetary Fund (IMF) went up by $ 3 million to $ 4.970 billion during the week, the bulletin added.

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