India’s forex reserves jump $2.816 bn to $606.859 bn

Mumbai: India’s forex reserves jumped USD 2.816 billion to USD 606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had risen USD 6.107 billion to USD 604.042 billion.

It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended December 8, the foreign currency assets — a major component of the



reserves — increased by USD 3.089 billion to USD 536.699 billion, the data said.

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 were down USD 199 million to USD 47.13 billion during the week, the RBI said.

The Special Drawing Rights were down USD 63 million to USD 18.188 billion, the apex bank said.

India’s reserve position with the IMF was down USD 11 million to USD 4.842 billion in the reporting week, the apex bank data showed.