India’s forex reserve rises by $5.98 bn to $578.78 bn

India's foreign exchange reserves rose for the second consecutive week by $5.977 billion to $578.778 billion in the week ended March 24, according to data by the Reserve Bank of India on Friday

In the week ending March 23, the foreign exchange reserves had risen by $12.8 billion to $572.8 billion.

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

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

For the week ended March 24, the foreign currency assets, a major component of the reserves, increased by $4.38 billion to $509.728 billion, according to the Weekly Statistical Supplement released by the RBI.

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 jumped by $1.37 billion to $45.48 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $201 million to $18.419 billion, the apex bank said.

The country's reserve position with the IMF was also up by $27 million to 5.151 billion in the reporting week, the apex bank data showed.