Forex reserves up $3.2 bn, highest jump in 6 weeks

The country’s foreign exchange reserves went up by $3.17 billion – the biggest increase in six weeks – to reach $287.36 billion during the week-ended August 6. The spike was mainly on account of a revaluation of currencies, especially the dollar, and an increase in the share of the reserve position in the International Monetary Fund. Before this, the forex reserve had gone up by $3.19 billion during the week-ended June 18.

In terms of the level itself, the forex kitty was at $287.37  billion on December 4, 2009.

According to latest data issued by the Reserve Bank of India on Friday, foreign currency assets rose by $2.53 billion to $261.07 billion during the week under review. The dollar depreciated 0.19 per cent against the rupee to 46.16 level on August 6, compared to 46.25 on August 2. At the same time, special drawing rights went up by $35 million to $5.04 billion in dollars, but fell by Rs 60 crore in terms of the national currency.

Gold remained unchanged in the reserve at $19.28 billion.

The reserve position at the International Monetary Fund went up by $610 million to $1.96 billion during the week under review. In rupee terms, the reserve went up by Rs 2,948 crore to Rs 13,23,259 crore.

During the week, foreign institutional investors bought in both debt and equity worth $1.23 billion, or Rs 5,685 crore.

Currency in circulation rose 19.6 per cent to Rs 8,53,228 crore on a yearly basis, while it went up 0.6 per cent, or Rs 5,504 crore, over the week for which data was shared.

Reserve money went up 24.2 per cent to Rs 11,72,221 crore.