India’s forex reserves jumps – News Today

India’s forex reserves jumped USD 9.112 billion to USD 615.971 billion in the week ended December 15 and the quantum of increase is one of the highest for a week, according to RBI data. In the previous reporting week, the overall reserves had risen USD 2.816 billion to USD 606.859 billion. In October 2021, the country’s forex kitty reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended December 15, the foreign currency assets, a major component of the reserves, increased USD 8.349 billion to USD 545.048 billion, as per the Reserve Bank of India (RBI) data released on Friday. 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 USD 446 million to USD 47.577 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 135 million to USD 18.323 billion, the apex bank said. India’s reserve position with the IMF rose USD 181 million to USD 5.023 billion in the reporting week, the apex bank data showed. Meanwhile, as funding becomes scarce for the Indian startup ecosystem in general, the explosion of Artificial Intelligence (AI) has given a new lease of life to entrepreneurs and founders in the country, as the Centre extends support to the sector. As a result, homegrown generative AI startup Sarvam AI raised $41 million earlier this month, in its Series A round led by Lightspeed and supported by Peak XV Partners and Vinod Khosla-run Khosla Ventures, thus representing the largest raise at this stage for an Indian AI startup. According to reports, India is home to more than 70 GenAI startups that have raised more than $440 million to date. Founded by Vivek Raghavan and Pratyush Kumar