India’s foreign reserves jumped record at $4 billion

India’s foreign reserves jumped record at $4 billion

The Reserve Bank of India released data recently regarding India’s foreign exchange or forex reserves which has jumped by $4.039 billion to $598.897 billion. With this, forex reserves halted a two-week losing streak and an increase of $4.04 billion from the previous week, recorded the biggest gain in nearly two months.

In last previous week, the overall reserves had declined by $30 million to $594.858 billion. Here we should note that the country’s forex reserves had recorded an all-time high of $645 billion in October 2021.

Those reserves recorded a hit as the central bank deployed the reserves to defend the rupee amid pressures caused majorly by global developments since last year.

Weekly Statistical Supplement:

According to the RBI’s weekly statistical supplement, the foreign currency assets, a major component of the reserves, increased by $3.442 billion to $530.691 billion.

Expressed in dollar terms, 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.

In the data it is showed that gold reserves are gone up by $584 million to $44.939 billion and the special drawing rights (SDRs) are also gone up by $1 million to $18.195 billion.

The country’s reserves with the IMF are also up by $12 million to $5.073 billion in the reporting week, according to the data.

The central bank generally interferes in the spot and forwards markets to prevent runaway moves in the rupee.

The changes in foreign currency assets including the effects of appreciation or depreciation of other currencies held in the RBI’s reserves.

Question & Answer:

Q1. India’s foreign exchange reserve has jumped by how much amount in first week of September?

Ans. $4.039 billion

Q2. How much amount of India’s foreign reserves is kept with IMF currently?

Ans. $5.073 billion

Q3. Who is Finance Secretary under the Union Ministry of Finance of Government of India?

Ans. T.V. Somanathan

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