As on July 12, the foreign currency assets increased by $8.361 billion to $585.47 billion, according to RBI data. Image used for representation purpose only.
| Photo Credit: Reuters

Forex reserves jumped by $9.699 billion to an all-time high of $666.854 billion for the week ended on July 12, the Reserve Bank of India said on Friday.

In the previous reporting week, the kitty had increased by $5.158 billion to $657.155 billion, surpassing the previous high of $655.817 billion for the week ended June 7.

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For the week ended July 12, foreign currency assets, a major component of the reserves, increased by $8.361 billion to $585.47 billion, the data released on Friday showed.

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 increased by $1.231 billion to $58.663 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up by $76 million to $18.111 billion, the apex bank said.

India’s reserve position with the IMF was up by $32 million to $4.609 billion in the reporting week, the apex bank data showed.

Gold biscuits are seen in this picture illustration taken inside a jewellery showroom in Mumbai. India has moved 100 metric tonnes of its gold stored in the U.K. to domestic vaults in FY24.
| Photo Credit: Reuters

India has moved 100 metric tonnes of its gold stored in the U.K. to domestic vaults in FY24, sources said on Friday.

This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults.

The country’s overall gold holding increased 27.46 metric tonnes in FY24 and it stands at 822 metric tonnes, as per official data.

A substantial part of the precious commodity is stored abroad, the sources said, adding that India also had its holding with the Bank of England like other countries.

The movement of 100 metric tonnes into India has taken the overall quantity stored locally to over 408 metric tonnes of gold, which means the local and foreign holding is now split almost evenly.

As per the annual report of the central bank for FY24 released on May 30, over 308 metric tonnes of gold is held in India as backing for notes issued, while another 100.28 tonnes is held locally as an asset of the banking department.

Of the overall gold reserves, 413.79 metric tonnes are held abroad, the annual report said.

According to the sources, given the gold buying over the last few years, a call was taken to reduce the holding abroad which is part of the standard review procedures.

In 2009, India had bought 200 tonnes of gold from the International Monetary Fund, after which it has been buying the precious commodity from the secondary market as part of its foreign exchange asset diversification efforts.

Officials from the Ministry of Finance, the RBI and other agencies took care of the movement of gold in complete secrecy given the high value, as per the sources.

At present, the gold held locally is stored at high security vaults and facilities in Mumbai and Nagpur, the sources added.

Mumbai:

India has moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24, sources said today.

This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of India.

The country’s overall gold holding increased 27.46 metric tonnes in FY24 and it stands at 822 metric tonnes, as per official data.

A substantial part of the precious commodity is stored abroad, the sources told Press Trust of India, adding that India also had its holding with the Bank of England like other countries.

The movement of 100 metric tonnes into India has taken the overall quantity stored locally to over 408 metric tonnes of gold, which means the local and foreign holding is now split almost evenly.

As per the annual report of the central bank for FY24 released on Thursday, over 308 metric tonnes of gold is held in India as backing for notes issued, while another 100.28 tonnes is held locally as an asset of the banking department.

Of the overall gold reserves, 413.79 metric tonnes are held abroad, the annual report said.

Sources told Press Trust of India that given the gold buying over the last few years, a call was taken to reduce the holding abroad which is part of the standard review procedures.

In 2009, India had bought 200 tonnes of gold from the International Monetary Fund, after which it has been buying the precious commodity from the secondary market as part of its foreign exchange asset diversification efforts.

Officials from the Ministry of Finance, the RBI and other agencies took care of the movement of gold in complete secrecy given the high value, as per the sources.

At present, the gold held locally is stored at high security vaults and facilities in Mumbai and Nagpur, the sources added.
 

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