New Delhi: The Reserve Bank reported on Friday that an increase in the value of gold assets caused India’s foreign exchange reserves to climb by USD 204 million to USD 532.868 billion for the week ending October 7.
The total reserves decreased by USD 4.854 billion to USD 532.664 billion during the previous reporting week. The reserves have been declining for several weeks as the central bank uses its funds to protect the rupee against pressures mostly brought on by international events.
It should be mentioned that the nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021.
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In the week ending October 7, Foreign Currency Assets (FCAs), a significant portion of total reserves, decreased by USD 1.311 billion to USD 471.496 billion, according to the Reserve Bank of India’s (RBI) Weekly Statistical Supplement, which was released on Friday.
The FCAs, which are expressed in dollar terms, take into account the impact of appreciation or depreciation of non-US currencies held in foreign exchange reserves, such as the euro, pound, and yen.
The value of gold holdings increased significantly for the week ending October 7, rising by USD 1.35 billion to USD 38.955 billion, according to the RBI, which contributed to the growth in total reserves.
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The Special Drawing Rights (SDRs) increased by USD 155 million, reaching USD 17.582 billion, according to the top bank.
According to data from the apex bank, the nation’s reserve position with the International Monetary Fund (IMF) increased by USD 10 million to USD 4.836 billion during the reporting week.
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