New Delhi, Mar 16 (KNN) The Reserve Bank of India (RBI) announced a significant increase in India's forex reserves, jumping by USD 10.47 billion to reach USD 636.095 billion for the week ending March 8.

This surge follows a previous week's rise of USD 6.55 billion, bringing the overall reserves to USD 625.626 billion.

In October 2021, India's forex kitty hit a record high of USD 645 billion. However, pressures from global developments led to a dip in reserves as the central bank utilised funds to defend the rupee.

During the week ending March 8, foreign currency assets, a key component of reserves, rose by USD 8.121 billion to USD 562.352 billion. This includes the impact of currency fluctuations of non-US units like the euro, pound, and yen.

Gold reserves also saw an increase, rising by USD 2.299 billion to USD 50.716 billion. Additionally, Special Drawing Rights (SDRs) rose by USD 31 million to USD 18.211 billion.

Furthermore, India's reserve position with the International Monetary Fund (IMF) increased by USD 19 million to USD 4.817 billion during the reporting week.

The data from the central bank underscores a robust growth in India's forex reserves, reflecting stability and resilience amidst global economic dynamics.

(KNN Bureau)