India's forex reserves rise USD 1.23 billion to USD 596.28 billion

India’s foreign exchange reserves jumped USD 1.229 billion to USD 596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased USD 1.85 billion to USD 595.05 billion. 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 July 7, the foreign currency assets, a major component of the reserves, increased USD 989 million to USD 528.968 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 were up USD 228 million to USD 44.06 billion, the RBI said. The Special Drawing Rights (SDRs) were down USD 4 million to USD 18.235 billion. The country’s reserve position with the IMF was up USD 15 million to USD 5.017 billion in the reporting week, as per the RBI data.