India’s Forex Reserves Surge to $312.58 Billion in Week through June 6

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India’s Forex Reserves Surge to $312.58 Billion in Week through June 6

 

The Indian foreign exchange reserves accelerated to $312.58 billion in the week through June 6, an increase of $203.2 million, according to data compiled by the Reserve Bank of India.

The growth, the first one after two successive weeks of decline, was mainly due to a quick jump in the value of international currency holdings. The forex reserves had earlier declined by $273.8 million to stand at $312.38 billion in the week through May 30. In the week through May 23, the reserves had lost $2.26 billion to stabilize at $312.65 billion, reported the Times of India.

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RBI’s data showed that foreign currency assets, which constitute the largest segment of the foreign exchange reserves, rose by $338.9 million to $285.63 billion in the week through June 6. The foreign currency holdings had declined by $269.3 million to stand at $285.29 billion in the week ending May 30. Foreign currency assets, which are usually denominated in the U.S. dollar, take into account the depreciation or appreciation of non-US currencies held in reserves such as the yen, pound, euro and sterling.

The country’s reserve position at the International Monetary Fund rose by $37 million to close the week at $1.71 billion. The valuation of India’s special drawing rights (SDRs) shot upwards by $2.7 million to $4.45 billion. Nonetheless, the valuation of gold reserves declined over the week after having stagnated at $20.79 billion from May 2. The value of gold reserves fell by $175.4 million to close the week at $20.79 billion.

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To contact the reporter of this story; Yashu Gola at yashu@forexminute.com