MUMBAI: India’s foreign exchange reserves rose by $810 million and stood at $653.71 billion as of June 21, data from the central bank showed on Friday.
The reserves had fallen by $2.9 billion in the previous week.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets are caused by the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
India’s forex reserves hit record high at $655.82 billion
For the week to which the foreign exchange data pertains, the rupee hit a record low of 83.6650 against the dollar, but recorded marginal weekly gains.
The currency settled at 83.3825 on Friday, up 0.2% for the week.
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
---------------------------------------------------
June 21 June 14
2024 2024
---------------------------------------------------
Foreign currency assets 574,134 574,240
Gold 56,956 55,967
SDRs 18,049 18,107
Reserve Tranche Position 4,572 4,581
---------------------------------------------------
Total 653,711 652,895
---------------------------------------------------
Comments