India’s forex reserves spike by $9bn last week: Reports

India's forex reserves. Photo Courtesy: Unsplash


IBNS: India’s foreign exchange reserve has spiked by $9.112 billion to $615.971 billion in the week ending December 15, 2023, media reports said.

This increase is one of the highest for a week and marks a 20-month high, data released by the Reserve Bank of India on Friday showed, reported ANI.

India’s foreign exchange reserves include cash, bank deposits, bonds, and other financial assets denominated in currencies other than the Indian rupee.

India’s foreign currency assets (FCA), the biggest component of the forex reserves, rose USD 8.349 billion to USD 545.048 billion, the central bank’s weekly statistical data showed. FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves, ANI reported.

Gold reserves during the week rose by USD 446 million to USD 47.577 billion.

Before December 15 week, India’s total foreign exchange reserves rose from USD 2.816 billion to USD 606.859 billion, the news agency reported.