India’s foreign exchange reserves rose by 963 million US dollars to over 672 billion US dollars during the week ended June 19. According to the Reserve Bank of India data, the rise was mainly driven by a sharp increase in gold reserves, which increased by 4.1 billion US dollars to over 107 billion US dollars.
In contrast, Foreign currency assets, the largest component of the reserves, decreased by 3.07 billion USD to 541 billion USD during the week. Special Drawing Rights (SDRs) fell by 52 million USD to 18.64 billion US dollars, and the country’s reserve position with the International Monetary Fund dropped 22 million USD to around 4.8 billion US dollars.
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