India’s forex reserves continue to rise with the kitty surging $12.5 billion during the week ended September 27 to hit an all-time high of $704.89 billion, according to the latest data from the Reserve Bank of India (RBI). In the previous week ended September 20, the forex reserves jumped by $2.8 billion to $692.3.
India’s gold reserves rose $2.184 billion to $65.796 billion during the week ended September 27, according to the latest RBI data released on Friday.
During the week, foreign currency assets, a major component of the reserves, increased by $10.468 billion to $616.154 billion.
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.
The special drawing rights (SDRs) increased by $8 million to $18.547 billion, according to the RBI data.
However, India’s reserve position with the IMF fell by $71 million to $4.387 billion in the reporting week, the apex bank data showed.
The RBI, from time to time, intervenes in the market through liquidity management, including through the selling of dollars, with a view to preventing a steep depreciation in the rupee.
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