India's forex kitty jumps by $12.8 bn to $572.8 bn

India's forex kitty rose by $12.80 billion to $572.80 billion in the week ended March 17, the Reserve Bank said on Friday.

In the previous reporting week, the reserves had dropped by $2.39 billion to a three-month low of $560.00 billion.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $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.

For the week ended March 17, the foreign currency assets, a major component of the reserves, increased by $10.485 billion to $505.35 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Gold reserves jumped by $2.187 billion to $44.11 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $98 million to $18.22 billion, the apex bank said.

The country's reserve position with the IMF was also up by $29 million to $5.12 billion in the reporting week, the apex bank showed.