India’s foreign exchange (forex) reserves jumped $1.229 billion to $596.28 billion in the week ended July 7, according to the latest data from the RBI. In the previous reporting week, the overall forex reserves increased by $1.85 billion to $595.05 billion.

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 July 7, the foreign currency assets, a major component of the reserves, increased $989 million to $528.968 billion, according to the Weekly Statistical Supplement released by the RBI.

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 were up $228 million to $44.06 billion, the RBI said. The special drawing rights (SDRs) were down $4 million to $18.235 billion.

The country’s reserve position with the IMF was up $15 million to $5.017 billion in the reporting week, as per the RBI data.

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Anil Kumar Bhansali, head (treasury) and executive director of Finrex Treasury Advisors LLP, said, “The rupee is expected to remain in a range of  81.90 to 82.50 in the coming week as the dollar index which is lower is expected to fall further but may rebound as it is in an oversold zone. EURO INR and GBPINR look  good to be sold at current levels of 92.25 and 108.00 levels as we may see some fall after a huge rise of nearly 6-8 rupees in the last two months.”