India’s Foreign Exchange Reserve Rises To $700 Million After Declining For Three Consecutive Weeks

India’s foreign exchange reserve jumped from $602.161 million to $708 million for the week ended on August 11, the Reserve Bank of India (RBI) said in a statement. This is the first increase in the kitty after declining for three consecutive weeks.

The previous reporting revealed that the overall reserves had declined $2.417 billion to $601.453 billion. In October 2021, the country's foreign exchange reserves touched an all-time high of $645 billion. 

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The reserve took a hit after the central bank deployed it to defend rupee amid pressures caused majorly by global developments since last year. 

For the week ended August 11, the foreign currency assets, a major component of the reserves, increased $999 million to $534.399 billion, according to the Weekly Statistical Supplement released by the RBI. 

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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. The RBI report further revealed that Gold reserves were down $340 million to $44.34 billion.

The Special Drawing Rights (SDRs) were up $51 million to $18.324 billion. The country's reserve position with the IMF was down $2 million to $5.098 billion in the reporting week, as per the apex bank data.