India's forex reserves rise by $6.55 billion to reach $625.63 billion

In a significant boost to India's economic stability, the country's foreign exchange reserves jumped $6.55 billion to $625.626 billion for the week ended March 1, the Reserve Bank of India said on Friday.In the previous reporting week, the overall reserves had risen by $2.975 billion to $619.072 billion.The country's forex kitty had reached an all-time high of $645 billion,in October 2021. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year, according to information.
For the week ended March 1, the foreign currency assets, a major component of the reserves, increased by $6.043 billion to $554.231 billion, the data said.Expressed in dollar terms, the foreign currency assets include the effect of appreciation or or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by $569 million to $48.417 billion during the week, the RBI said.India's reserve position with the IMF was also down by $41 million to USD 4.798 billion in the reporting week, according to official data.

(Ira Singh, Asstt Editor, Gandhinagar)