Forex reserves rise by USD 1.85 billion to USD 595.05 billion

India’s foreign exchange reserves rose by USD 1.853 billion to USD 595.051 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The reserve had dropped by USD 2.901 billion to USD 593.198 billion in the previous reporting week. In October 2021, the country’s forex reserve reached an all-time high of USD 645 billion. The funds 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 on June 30, the foreign currency assets, a major component of the reserves, increased by USD 2.539 billion to USD 527.979 billion, according to the Weekly Statistical Supplement released by the RBI on Friday. 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 dropped by USD 472 million to USD 43.832 billion, the RBI said. The Special Drawing Rights (SDRs) were down by USD 95 million to USD 18.239 billion, the apex bank said. The country’s reserve position with the IMF was down by USD 118 million to USD 5.002 billion in the reporting week, the apex bank data showed.