India’s foreign exchange reserves rose by $1.634 billion to $618.937 billion in the week ended January 12, the Reserve Bank of India (RBI) said on Friday.
In the previous reporting week, total reserves had fallen sharply by $5.89 billion to $617.3 billion.
The country’s currency kitty had reached a record high of $645 billion in October 2021. Reserves took a hit as the central bank stepped in to defend the rupee amid pressure largely driven by global developments since last year.
For the week ended January 12, foreign currency assets – a key component of reserves – rose by USD 1.859 billion to USD 548.508 billion, the data showed.
When expressed in dollars, foreign currency assets include the effect of the appreciation or depreciation of non-U.S. units such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves fell by $242 million to $47.247 billion during the week, the RBI said.
Special Drawing Rights (SDRs) rose by $12 million to $18.31 billion, the top bank said.
India’s reserve position with the IMF rose by $6 million to $4.872 billion in the reporting week, the RBI data said.
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First print: January 19, 2024 | 5:30 PM IST