Forex reserves jump $2.816 billion to $606.859 billion

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India’s forex reserves jumped $2.816 billion to $606.859 billion in the week ended December 8, the Reserve Bank of India (RBI) said on December 15.

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

It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of $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 $3.089 billion to $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 $199 million to $47.13 billion during the week, the RBI said.

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

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