India's forex reserves jumped by $ 2.76 billion to $ 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.47 billion to $620.44 billion. In October 2021, the country's forex kitty had reached an all-time high of $ 645 billion.
India's foreign exchange reserves are at a record high of $214.83 billion. Considering this rapid rise in country's forex reserves, the need to gauge adequacy of reserves has gained importance, said the RBI in its report on foreign exchange.
Rise in reserves was predominantly on account of increase in FCAs
India's foreign exchange reserves dropped by $1.087 billion to stand at $529.99 billion for the week ended November 4 on a sharp decline in gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by $6.561 billion to reach $531.08 billion, making it the biggest weekly jump in a year. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
Reserves provide a cushion against shocks.
The Budget should undertake further reductions in import tariffs and seriously consider an announcement of India's intention to join one or both of the two Asian mega-regional free trade agreements, suggests Shankar Acharya, former chief economic adviser to the Government of India.
Foreign exchange reserves had touched a record of $363.5 billion in the week through June 3, 2016.
In the wake of foreign exchange reserves of the country reaching $100 billion, the Reserve Bank of India (RBI) has undertaken a review of the main policy and operational matters relating to management of the reserves.
India's foreign exchange reserves rose by $332 million during the week ended October 15, 2004, compared to $20 million a week earlier.
After three weeks of fall, India's foreign exchange reserve rose by $990 million to $248.611 billion during the week ended January 30, 2009, mainly due to revaluation in the foreign currency assets and gold reserves.
'As long as Sebi maintains transparency and market stability, the Jane Street episode is unlikely to deter long-term foreign capital.'
In the week ending July 26 foreign exchange reserves had recorded a rise of $960.2 million to $ 280.16 billion
In the steepest weekly fall ever, India's forex reserves slid by $11.17 billion to $606.47 billion as the currency came under pressure due to geopolitical developments, according to the Reserve Bank data released on Friday. For the previous reporting week ended March 25, the overall reserves had slid by $2.03 billion to $617.65 billion. The steep fall in the reserves was because of a decline in the core currency assets, which fell by $10.73 billion to $539.73 billion.
Market downturns or regulatory shifts can reduce liquidity, making it harder to buy or sell assets when needed.
After witnessing a decline in the past two weeks, India's foreign exchange reserves rose by $587 million to reach $1,19,932 million mark, for the week ended 18.
Gold reserves rose by $588.8 million to $21.566 billion, as per the RBI data.
India on Monday asserted that its friendly ties with the Maldives will continue as Prime Minister Narendra Modi and President Mohamed Muizzu unveiled a blueprint for comprehensive economic and maritime cooperation, signalling a reset of the relationship that had hit a rough patch last year due to anti-New Delhi rhetoric.
Foreign currency assets, a key component rose $1.6 bn to $304.9 bn.
For the second time within a month, India's foreign exchange reserves soared by over $ 1 billion to cross a record high level of $72 billion in the week
India's foreign exchange reserves surged ahead by a record inflow of over $1.7 billion to touch $103.82 billion during the week ended January 9, 2004.
Amid liquidity tightness in the banking system, certificate of deposit (CD) rates topped 8 per cent for some smaller banks, with rates remaining on the higher side for derivatives loss-hit IndusInd Bank. On Thursday, CSB Bank raised Rs 100 crore via one-year CDs at 8.5 per cent, while Utkarsh Small Finance Bank issued three-month CDs at 8.05 per cent to raise Rs 50 crore.
Equity investors would track global market trends, inflation data and trading activity of foreign investors for further cues this week, analysts said. Moreover, progress of monsoon and developments related to trade talks would also be monitored by investors, experts noted.
Foreign exchange reserves increased $675 million to $164.023 billion for the week
The Real Effective Exchange Rate (REER) of the rupee moderated in December to 107.20 after hitting a peak of 108.14 in November, latest data released by the Reserve Bank of India (RBI) showed. The REER was 103.66 in January 2024. The rupee depreciated around 3 per cent against the dollar in 2024.
The country's gold reserves remained unchanged at $19.377 billion.
Foreign currency assets, a major component of the forex reserves, dipped by $3.056 billion to $258.51 billion for the week ended May 31, the Reserve Bank.
The country's forex reserves inched higher to $292.24 billion as of January 24, from $292.08 billion in the earlier week.
Foreign exchange reserves moved up $845 million to $143.943 billion for the week ended December 9, 2005, according to the weekly supplement released by Reserve Bank of India
Foreign exchange reserves declined $9 million to $203.982 billion for the week ended May 18, according to data released by the Reserve Bank on Friday.
Foreign exchange reserves increased $995 million to $180.047 billion for the week ended February 2, according to data released by the Reserve Bank of India.
The first national flag in Independent India was hoisted at Fort St George in Madras, not at Delhi's Red Fort.
Foreign exchange reserves declined $204 million to $84.70 billion in the week ended August 1 from $84.904 billion in the earlier week, according to the weekly supplement released by the Reserve Bank of India on Saturday.
India's forex reserves increased for the second consecutive week, touching $584.554 billion as of February 26, up by $689 million, the Reserve Bank said on Friday. The overall reserves had increased by $169 million to $583.865 billion in the previous reporting week. The reserves, which have been steadily increasing over the last few months, had touched an all-time high at $590.185 billion for the week ended January 29 this year.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in its reserves.
According to data released by the Reserve Bank of India on Friday, foreign currency assets dropped by $4.54 billion to $238.30 billion during the week. Gold and special drawings rights have remained unchanged in the reserve. During the week, the reserve position in the International Monetary Fund dropped by $15 million to $828 million.
The gold reserves remained unchanged at $28.041 billion, the apex bank said.
India's foreign exchange reserves nearly hit a nine-month low and fell by $5 billion to $302 billion for the week ended December 16, on account of revaluation in foreign currency assets.
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