AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

MUMBAI: India’s foreign exchange reserves rose for a third straight week and reached a more than two-year high of $636.10 billion as of March 8, data from the central bank showed on Friday.

The reserves jumped by $10.47 billion in the reporting week, the biggest jump since the week ended July 14, 2023.

They had risen by a total of $9.5 billion in the prior two weeks, edging towards their record high of $642.45 billion, hit in September 2021.

The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.

The RBI had bought dollars in the spot market in the reporting week, likely absorbing robust debt and equity inflows, as per traders.

The jump in reserves also came as gold valuation stood at $50.72 billion, up from $48.42 in the prior week.

Gold prices had jumped in the reporting week, and in India, the world’s second-largest gold consumer, domestic prices rose to a record 66,356 rupees per 10 grams on March 8.

India’s forex reserves hit two-month low

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 include India’s reserve tranche position in the International Monetary Fund.

In the week that the foreign exchange data pertains, the rupee rose 0.1% against the dollar and traded in a range of 82.7250 and 82.9275.

The domestic currency settled at 82.8775 on Friday, down about 0.1% for the week, its first week-on-week decline since mid-February.

FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
----------------------------------------------------
                            March 08     March 01
                               2024         2024
----------------------------------------------------
Foreign currency assets      562,352      554,231
Gold                          50,716       48,417
SDRs                          18,211       18,180
Reserve Tranche Position       4,817        4,798
----------------------------------------------------
Total                        636,095      625,626
----------------------------------------------------

Comments

Comments are closed.