New Delhi : India’s foreign exchange reserves have achieved a new milestone, climbing to an all-time high of USD 642.631 billion during last week of March, according to data released by the Reserve Bank of India (RBI). This represents an increase of USD 140 million over the previous week’s total.
The latest surge marks the fifth consecutive week of growth in India’s overall forex reserves. In the previous reporting week, the reserves had witnessed a substantial jump of USD 6.396 billion, reaching USD 642.492 billion.
The current level of USD 642.631 billion surpasses the previous record high of USD 642.453 billion, which was attained in September 2021. India’s forex reserves had taken a hit in the past year as the central bank deployed a portion of the reserves to defend the rupee against pressures arising from global developments.
Breaking down the components of the reserves, the foreign currency assets, which form a major part of the overall kitty, decreased by USD 123 million to USD 568.264 billion during the week ended March 22, as per the data released on March 29.
It is worth noting that the foreign currency assets, when expressed in dollar terms, also take into account the effects of appreciation or depreciation of non-US units like the euro, pound, and yen held within the foreign exchange reserves.
