News Brief

India's Foreign Exchange Reserves Surge By $9.11 Billion To Reach $615.97 Billion

Kuldeep Negi

Dec 22, 2023, 05:47 PM | Updated 05:50 PM IST

US dollar bills (Unsplash/Sharon McCutcheon)
US dollar bills (Unsplash/Sharon McCutcheon)

India's foreign exchange reserves rose by $9.11 billion to $615.97 billion for the week ending 15 December.

According to the Reserve Bank of India's (RBI) weekly statistical supplement, the forex reserves increased to $615.97 billion from $606.86 billion for the week ending on 8 December.

India's foreign exchange reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $8.35 billion to $545.05 billion.

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.

Meanwhile, the value of the country's gold reserves increased by $446 million to $47.58 billion.

The SDR value increased by $135 million to $18.32 billion.

Similarly, the country's reserve position in the IMF increased by $181 million to $5.02 billion.

Kuldeep is Senior Editor (Newsroom) at Swarajya. He tweets at @kaydnegi.

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