Reserve Bank of India reported on December 15 that India’s forex reserves increased by $2.816 billion, to $606.859 Billion in the week ending December 8.
The overall reserves rose by $6.107 billion in the reporting week prior, to $604.042.
In October 2021 the forex balance of the country reached a record high of $645 Billion.
The reserve fund was drained as the central bank used the funds to defend the rupee against the pressures brought on by the global economic developments that have been taking place since last year.
The data showed that the foreign currency assets, which are a major component in the reserves, increased by $3.089 Billion to $536.699 Billion for the week ending December 8.
The foreign currency assets are expressed in dollar terms and include the appreciation or depreciation in non-US currencies like the euro, the pound, and the yen that are held in the reserves of foreign exchange.
The Reserve Bank of India reported that gold reserves fell by $199 million, to $47.13 Billion, during the past week.
The Special Drawing Rights fell by $63 million, to $18.188 Billion.
The apex banks data revealed that India’s reserves with the IMF were down by $11 million, to $4.842 Billion in the reporting period.
Read News- India’s Forex Reserves: Surging Past $600B After Four-Month Pause
