The country’s forex reserves had risen by $1.08 billion to $676.23 billion in the previous reporting week.
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Earlier this year, in February, the country’s forex reserves had touched a record high of $728.494 billion. However, reserves declined in the following weeks amid the Middle East conflict, which put pressure on the rupee and led the RBI to intervene in the foreign exchange market through dollar sales.
Notably, Prime Minister Narendra Modi has made multiple appeals since May 11, urging citizens to conserve foreign exchange by reducing overseas travel, limiting fuel consumption and avoiding gold purchases for a year.
Foreign currency assets (FCAs), the largest component of India’s forex reserves, increased by $4.8 billion to $555.92 billion during the week ended July 24, RBI data showed.
FCAs are expressed in dollar terms and reflect the impact of movements in the value of non-US currencies, including the euro, pound and yen, held as part of India’s foreign exchange reserves.
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Further, gold reserves were up by $1.3 billion to $103.05 billion during the same week, the central bank data showed.
However, Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) decreased by $53 million to $18.61 billion.
India’s reserve position with the IMF fell by $11 million to $4.75 billion at the end of the reporting week, the RBI data showed.