India’s forex reserves rise $5.98 billion to $578.78 billion

According to the Reserve Bank of India (RBI), India’s foreign exchange reserves have continued to increase for the second consecutive week, reaching USD 578.778 billion in the week ending March 24. This indicates a rise of USD 5.978 billion in the week.

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Current Trends In India’s Forex Reserves:

In the previous week, the forex reserves had gone up by USD 12.8 billion, bringing the total forex reserves to USD 572.8 billion. The increase in reserves is mainly attributed to the rise in foreign currency assets, which surged by USD 6.48 billion to USD 536.99 billion in the week ended March 24.

It is worth noting that India’s forex reserves hit a record high of USD 645 billion in October 2021, but have since been declining due to the central bank using the reserves to defend the rupee against pressures caused by global developments.

Component of the Forex Reserves:

Gold reserves remained unchanged at USD 39.59 billion. The special drawing rights with the International Monetary Fund (IMF) declined by USD 6 million to USD 1.53 billion, while India’s reserve position with the IMF dipped by USD 47 million to USD 5.71 billion.

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