Forex reserves rise $5.98 bn to $578.78 billion

Mumbai: In a second consecutive weekly increase, India's forex reserves rose USD 5.977 billion to USD 578.778 billion in the week ended March 24, the Reserve Bank of India said on Friday.

In the previous reporting week, the kitty had risen by USD 12.8 billion to USD 572.8 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

For the week ended March 24, the foreign currency assets, a major component of the reserves, increased by USD 4.38 billion to USD 509.728 billion, according to the Weekly Statistical Supplement released by the RBI.

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.

Gold reserves jumped by USD 1.37 billion to USD 45.48 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 201 million to USD 18.419 billion, the apex bank said.

The country's reserve position with the IMF was also up by USD 27 million to USD 5.151 billion in the reporting week, the apex bank data showed.