August 21st 2023.
India's foreign exchange reserves have seen a jump of USD 708 million in the week ended August 11, according to the Reserve Bank of India. This is the first increase in reserves after three consecutive weeks of decline.
In October 2021, India's reserves had touched an all-time high of USD 645 billion. The reserves have taken a dip due to the central bank deploying the kitty to defend the rupee amid pressures caused by global developments since last year.
The foreign currency assets, a major component of the reserves, have increased by USD 999 million to USD 534.399 billion. This has been expressed in terms of dollar value and has factored in appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves were down USD 340 million to USD 44.34 billion. The Special Drawing Rights increased by USD 51 million to USD 18.324 billion. The country's reserve position with the IMF was down USD 2 million to USD 5.098 billion in the reporting week.
Overall, these developments in India's foreign exchange reserves indicate a positive trend, with the reserves showing signs of recovery after a period of decline. This is a positive sign for the Indian economy.
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