India’s Forex Reserves Zoom by USD 10.417 Billion to USD 572 Billion, One of Biggest Weekly Jumps in Recent Times

Mumbai, January 20: India’s forex reserves zoomed by USD 10.417 billion to USD 572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times. In the previous reporting week, the overall reserves had dropped by USD 1.268 billion to USD 561.583 billion.

In October 2021, the country’s forex kitty reached an all-time high of USD 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. In October 2022, the reserves had swelled by USD 14.721 billion during a week. India’s Forex Reserves Dip by $7.94 Billion; Hit the Lowest Level in 23 Months.

For the reporting week, the foreign currency assets, a major component of the reserves, increased by USD 9.078 billion to USD 505.519 billion, according to the Weekly Statistical Supplement released by the RBI 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.

The gold reserves continued to rise, jumping by USD 1.106 billion to USD 42.89 billion, the RBI said. The Special Drawing Rights (SDRs) were up by USD 147 million to USD 18.364 billion, the apex bank said.

The country’s reserve position with the IMF was also up by USD 86 million to USD 5.227 billion in the reporting week, the apex bank data showed.

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