India's forex reserves rise to $572 bn, over six-week high
1 min read 24 Mar 2023, 05:34 PM ISTIn the to March 10, the reserves had dropped by $2.39 billion to a three-month low of $560.003 billion.
PremiumIndia's foreign exchange reserves rose by $12.798 billion to $572.8 billion, their highest level since early-February, for the week ended March 17, according to data by Reserve Bank of India's (RBI) statistical supplement.
In the to March 10, the forex reserves had dropped by $2.39 billion to a three-month low of $560.003 billion, according to data by RBI statistical supplement.
In October 2021, the forex reserves had reached an all-time high of $645 billion.
The reserves have been declining as the central bank deploys it to defend the rupee amid pressures caused majorly by global developments.
For the week ended March 17, the foreign currency assets, a major component of the reserves, was up by $10.485 billion to $505.348 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.
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 $2.187 billion to $44.109 billion, the RBI said.
The Special Drawing Rights (SDRs) were up by $ 98 million to $18.219 billion, the apex bank said.
Last week, the rupee fell 0.6% against the dollar, logging its biggest weekly decline in five, amid an escalation in the global banking crisis. The currency traded in a range of 81.75 to 82.80 last week.
The rupee ended at 82.48 on Friday with marginal gains for the week.
This story has been published from a wire agency feed without modifications to the text.
