According to data provided by the Reserve Bank of India (RBI) on Friday, April 5, India’s foreign exchange reserves (forex) climbed $2.951 billion to $645.583 billion for the week ending March 29. After increasing by a total of $26.5 billion during the preceding five weeks, overall reserves are rising for the sixth week in a row. RBI data shows that during the previous reporting week, the currency kitty climbed by $140 million to $642.631 billion.
“It is our prime focus to build a strong umbrella, a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns or when it rains heavily,” RBI Governor Shaktikanta Das stated on Friday.
Based on data from the RBI, the foreign currency assets (FCA), which make up a significant portion of the reserves, grew by $2.354 billion to $570.618 billion on March 29.
The RBI reported that throughout the week, gold reserves rose $673 million to $52.16 billion. From $18.145 billion to $73 million less, the Special Drawing Rights (SDRs) were issued. The International Monetary Fund (IMF) reserve tranche position held by India is also included in forex reserves.
The rupee had slight weekly improvements during the week that the foreign exchange data was relevant, although it had fallen to a record low of 83.45 against the US dollar. This week, the value of the native currency has increased by 0.1%, ending Friday at 83.2950.
