India's foreign exchange reserves rise by $810 mn to $653.7 bn on June 21: RBI

India's foreign exchange reserves rose to $653.7 billion during the week ended on June 21, with the rupee hitting a record low against the dollar.

Published on: Jun 28, 2024, 20:08:47 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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India's foreign exchange reserves jumped by $816 million to $653.711 billion last week, the Reserve Bank of India (RBI) said on Friday.

A police officer walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai, India. (Reuters)

How much did the foreign exchange reserves fluctuate previously?

In the week before that, the overall reserves had dropped by $2.922 billion to $652.895 billion. The all-time high for the reserves was $655.817 billion on June 7, PTI wrote.

Changes in foreign currency assets are caused by the RBI's intervention as well as the appreciation or depreciation of foreign assets held in the reserves. The RBI intervenes in the foreign exchange market to curb excess volatility in the rupee, Reuters wrote.

For the week ended on June 21, foreign currency assets, a major component of the reserves, decreased by $106 million to $574.134 billion, the data released on Friday showed.

The value of the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

How did the rupee perform?

For the same week, the rupee hit a record low of 83.6650 against the dollar, but recorded marginal weekly gains, according to the Reuters report.

How are India's other reserves doing?

Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund.

India's gold reserves increased by $988 million to $56.956 billion during the week, the RBI said in its statement.

The Special Drawing Rights (SDRs) were down by $57 million to $18.049 billion, the central bank said.

India's reserve position with the International Monetary Fund (IMF) was down by $9 million to $4.572 billion in the reporting week, the apex bank's data also showed.

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