Forex reserves rise by $1.85 billion to $595.05 billion

India's foreign exchange reserves rose by $1.853 billion to $595.051 billion in the week ended on June 30, the Reserve Bank of India said on Friday.

The overall reserve had dropped by $2.901 billion to $ 593.198 billion in the previous reporting week.

In October 2021, the country's forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

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For the week ended on June 30, the foreign currency assets, a major component of the reserves, increased by $2.539 billion to $527.979 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

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.

Gold reserves dropped by $472 million to $43.832 billion, the RBI said.

The Special Drawing Rights (SDRs) were down by $95 million to $18.239 billion, the apex bank said.

The country's reserve position with the IMF was down by $118 million to $5.002 billion in the reporting week, the apex bank data showed.