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India’s forex reserves up $2.4 bn to $596.1 bn

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India’s foreign exchange reserves saw an uptick of $2.350 billion, taking the overall level to $596.098 billion as on June 16, Reserve Bank of India data showed on 23 June, 2023.

Foreign currency assets (FCAs) rose by $2.578 billion to $527.651 billion, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the FCAs 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 dropped by $324 million to $45.049 billion, the RBI said. The Special Drawing Rights (SDRs) were up by $62 million to $18.249 billion, the apex bank said. The country’s reserve position with the IMF was up $34 million to $5.149 billion in the reporting week, the apex bank data showed. It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 bi.