Rupee Surge
The Indian rupee’s surge to a two-month high on Thursday signals a broader shift in the global economic landscape, influenced not just by domestic factors but by international dynamics as well.
India’s foreign exchange reserves rose by $2.563 billion during the week ended December 18, RBI data showed.
According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $581.131 billion from $578.568 billion reported for the week ended December 11.
India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).
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On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $1.382 billion to $537.727 billion.
However, the value of the country’s gold reserves increased by $1.008 billion to $37.020 billion.
Besides, the SDR value stood higher by $12 million at $1.515 billion.
In addition, the country’s reserve position with the IMF increased by $160 million to $4.870 billion.
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