Wednesday, June 19, 2024

Forex kitty soars to USD 561.16 billion in 4th consecutive rise

India’s foreign exchange reserves soared by USD 11.02 billion to reach USD 561.162 billion for the week ended December 2, Reserve Bank data showed on Friday.

This is the fourth consecutive week of rise in the reserves. In the previous reporting week, the overall reserves had grown by USD 2.9 billion to USD 550.14 billion. For the week ended November 11, the forex kitty had jumped by USD 14.72 billion in its second fastest weekly acceleration ever.
In October 2021, the country’s foreign exchange kitty had reached an all-time high of USD 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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