Forex reserves jump by USD 2.975 bn to USD 619 bn

For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by USD 2.405 billion to USD 548.188 billion.

Mumbai: India’s forex reserves jumped by USD 2.975 billion to USD 619.072 billion for the week ended February 23, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had dropped by USD 1.132 billion to USD 616.097 billion.

For the week ending February 23, the foreign currency assets, a major component of the reserves, increased by USD 2.405 billion to USD 548.188 billion.

---

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 USD 472 million to USD 47.848 088 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 89 million to USD 18.197 billion, the apex bank said. India’s reserve position with the IMF was up by USD 9 million to USD 4.839 billion in the reporting week, the apex bank data showed.

India’s forex reserves hit an all-time high of USD 645 billion in October 2021.