Mumbai: In a notable shift, India’s foreign exchange reserves surged by $4.758 billion to reach $640.479 billion in the week ending February 21. This increase marks a significant rebound after a previous decline of $2.54 billion, highlighting the ongoing volatility in forex markets. The rise is particularly noteworthy as it reverses a declining trend seen in recent weeks, influenced by interventions by the Reserve Bank of India (RBI) and global market fluctuations.
Key Developments in India’s Forex Reserves
India’s forex reserves increased by $4.758 billion to $640.479 billion for the week ended February 21, following a decline of $2.54 billion in the previous week. This growth was driven by a $4.251 billion rise in foreign currency assets, which now stand at $543.843 billion. Additionally, gold reserves saw an increase of $426 million, reaching $74.576 billion. The Special Drawing Rights (SDRs) grew by $73 million to $17.971 billion, while India’s reserve position with the International Monetary Fund (IMF) increased by $7 million to $4.09 billion.
The RBI’s strategic interventions played a crucial role in stabilizing the rupee despite global market volatility. These efforts have been instrumental in managing the impact of external economic pressures on India’s currency and reserves.
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