Forex reserves increase $591 million to $616.7 billion

India’s reserve position with the IMF was up USD 6 million to USD 4.86 billion in the reporting week, the RBI’s data showed.

India’s forex reserves increased USD 591 million to USD 616.733 billion for the week ended January 26, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had dropped USD 2.795 billion to USD 616.143 billion.

The country’s forex kitty reached an all-time high of USD 645 billion in October 2021. 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 January 26, the foreign currency assets, a major component of the reserves, increased USD 289 million to USD 546.144 billion, the data said.

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 USD 269 million to USD 47.481 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up USD 27 million to USD 18.248 billion, the apex bank said. India’s reserve position with the IMF was up USD 6 million to USD 4.86 billion in the reporting week, the RBI’s data showed.