India's forex reserves surged by USD 1.23 billion to reach USD 596.28 billion, according to the Reserve Bank of India. The increase occurred during the week ending July 7.
In the previous reporting period, the country's foreign exchange reserves had risen by USD 1.85 billion, reaching USD 595.05 billion.
After peaking at USD 645 billion in October 2021, the country's foreign exchange reserves have been steadily decreasing. The decline is a result of the central bank utilizing the reserves to safeguard the value of the rupee, primarily in response to external factors impacting the economy.
In the week ending July 7, the Weekly Statistical Supplement published by the RBI revealed that the foreign currency assets, a significant element of the reserves, rose by USD 989 million to USD 528.968 billion.
The foreign currency assets, when measured in USD, incorporate the impact of fluctuations in non-US currencies such as the euro, pound, and yen held within the foreign exchange reserves.
According to the RBI, gold reserves increased by USD 228 million to reach USD 44.06 billion.
In contrast, the Special Drawing Rights (SDRs) decreased by USD 4 million to USD 18.235 billion.
Based on the data from the RBI, the country's reserve position with the IMF rose by USD 15 million to USD 5.017 billion during the reporting week.
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