Foreign exchange reserves increased by $ 2.8 billion to $ 623.2 billion

Mumbai : The country’s foreign exchange reserves increased for the seventh consecutive week by $ 2.8 billion to $ 623.2 billion in the week ended December 29 due to increase in foreign currency assets, gold and Special Drawing Rights (SDR). Similarly, last week the foreign exchange reserves had increased by 4.5 billion dollars and stood at 620.44 billion dollars.

According to the weekly data released by the Reserve Bank, in the week ending December 29, foreign currency assets, the largest component of foreign exchange reserves, increased by $ 1.9 billion to $ 551.62 billion. Similarly, during this period, gold reserves increased by $853 million to $48.33 billion.

In the week under review, Special Drawing Rights increased by $38 million and reached $18.4 billion. At the same time, during this period, the reserve fund with the International Monetary Fund (IMF) declined by 2 million dollars to 4.9 billion dollars.