India's forex reserves experience $2.75 billion surge to $623.2 billion
What's the story
India's foreign exchange reserves have seen a substantial boost of $2.759 billion, reaching a total of $623.2 billion for the week ending December 29. The Reserve Bank of India (RBI) reported these figures today (January 5). This rise comes on the heels of a previous increase of $4.471 billion, which pushed the overall reserves to $620.441 billion in the preceding week.
Details
Foreign currency assets and gold reserves rise
During the same week, foreign currency assets, a key component of the reserves, climbed by $1.869 billion to $551.615 billion. These assets, expressed in dollar terms, take into account the appreciation or depreciation of non-US currencies such as the Euro, Pound, and Yen held in the foreign exchange reserves. In addition, gold reserves experienced a growth of $853 million, reaching a total of $48.328 billion, as revealed by the RBI.
What Next?
Special drawing rights and IMF reserve position
The week ending December 29 also saw India's Special Drawing Rights (SDRs) rise by $38 million to $18.365 billion, according to the apex bank. However, India's reserve position with the International Monetary Fund (IMF) witnessed a minor decline of $2 million, settling at $4.892 billion in the reporting week.