India witnessed a boost of over ₹54,000 crore in forex reserves for the week ending on March 1, announced the Reserve Bank of India on Friday. The forex reserves of the country jumped by $6.55 billion (over ₹54,170 crore) to $625 billion, RBI said.
This marks a significant bump from last week’s forex reserve boost, showed RBI’s data. In the previous reporting week, the overall reserves had risen by $2.975 billion to $619.072 billion.
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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.
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For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by $6.043 billion to $554.231 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 increased by $569 million to $48.417 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were down by $17 million to $18.18 billion, the apex bank said. India’s reserve position with the IMF was also down by $41 million to $4.798 billion in the reporting week, the apex bank data showed.
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The ongoing surge in the country’s forex reserves indicate the strengthening of the Indian economy on a global front, showcasing stability. The Indian economy continues to climb as many Western countries grapple with recession. In the last quarter, the Indian GDP showcased a growth of 8.4 percent, surpassing all predictions.
(With inputs from PTI)
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