India's foreign exchange reserves increased by $7.26 billion to $674.193 billion during the week ending July 3, according to the Reserve Bank of India (RBI). The forex kitty fell by $5.654 billion to $666.933 billion over the preceding reporting week.
Prior to the start of the West Asia crisis, the kitty had grown to an all-time high of $728.494 billion during the week ending February 27 of this year. This led to several weeks of decline as the rupee came under pressure and the RBI had to intervene in the FX market through dollar sales.
Beginning on May 11, Prime Minister Narendra Modi has publicly urged citizens to save money by reducing trips abroad, restricting fuel consumption and abstaining from purchasing gold for a year. According to the central bank's figures, foreign currency assets—a significant portion of reserves—rose $4.51 billion to $545.578 billion for the week ending July 3.
The effects of appreciation or depreciation of non-US units held in the foreign exchange reserves, such as the euro, pound, and yen, are included in the foreign currency assets, which are expressed in dollars.
The RBI reported that the value of gold reserves increased by $2.669 billion to $105.205 billion throughout the course of the week. Furthermore, the apex bank highlighted that the special drawing rights (SDRs) had increased by $65 million to $18.623 billion.
India's reserve position with the IMF increased by $15 million to $4.787 billion at the conclusion of the reporting week, the RBI added.
Also read: Forex reserves drop to $ 666.93 billion
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