India's Forex Reserves Rise To $640.48 Billion For The Week
The decline in the country's forex kitty comes after a week of loss. The reserves had slipped by $2.54 billion in the previous reporting week that ended on Feb. 14.
India's foreign exchange reserves rose to $640.48 billion in the week ending Feb. 21, according to figures published by the Reserve Bank of India on Friday.
The forex reserves kitty rose by $4.76 billion as compared to the preceding week ended Feb. 14, when it stood at $635.72 billion.
The decline in the country's forex kitty comes after a week of loss. The reserves had slipped by $2.54 billion in the previous reporting week that ended on Feb. 14.
The rupee closed sharply lower against the greenback as demand for the safe-haven unit persisted in the wake of tariff outlook uncertainty. The rupee closed 32 paise weaker at 87.52 against the US dollar on Friday.
The Indian currency had opened 12 paise weaker at 87.32 against the US dollar. During the last leg of the trade, the Indian unit slumped 35 paise to 87.55 against the US dollar.
For the week ended Feb. 21, foreign currency assets—a major component of the reserves—fell to $543.843, according to the RBI data. In comparison, it stood at $539.591 billion at the end of the preceding week.
In dollar terms, foreign currency assets include the effect of non-US currency appreciation or depreciation in foreign exchange reserves, such as the euro, pound, and yen.
Meanwhile, gold reserves increased to $74.57 billion from $74.15 billion, the RBI data showed.
