New Delhi: The Reserve Bank of India (RBI) on Friday said, “The country’s foreign exchange reserves increased by USD 2.734 billion to USD 593.323 billion for the week ended June 24 on the back of a surge in the core currency assets.”
In the previous reporting week, the overall reserves had declined by USD 5.87 billion to USD 590.588 billion. The balance is kept with the International Monetary Fund as special drawing rights and reserves.
According to the data of RBI, The reserves stood at $593.323 billion as of June 24. Out of this, foreign currency assets stood at $529.216 billion while reserves held in gold were valued at $40.926 billion.
The central bank has spent more than $41 billion to defend the currency since February. In the three weeks before this, the reserves got depleted by $10.785 billion.
Expressed in dollar terms, FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves. The country’s reserve position with IMF rose by USD 3 million to USD 4.97 billion in the reporting week.
Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) were up by USD 55 million to USD 18.21 billion for the week ended June 17, RBI said.
(Vinayak)