Forex Update: India’s foreign exchange reserves rise by $1.63 billion to $618.9 billion

India’s foreign exchange reserves rose by $1.634 billion to $618.937 billion in the week ended January 12, according to the latest RBI data. In the last reporting week, total reserves fell by a massive $5.89 billion to $617.3 billion.

The country’s foreign exchange reserves reached an all-time high of $645 billion in October 2021. The central bank had deployed funds to protect the rupee amid pressure from global growth since last year, which hit the reserves.

For the week ended January 12, foreign exchange assets – a key component of reserves – rose by $1.859 billion to $548.508 billion, the data said.

Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.

The RBI said gold reserves declined by $242 million to $47.247 billion during the week. The apex bank said special drawing rights (SDRs) rose by $12 million to $18.31 billion.

India’s reserve position with the IMF increased by $6 million to $4.872 billion in the week under review, according to RBI data.

(With PTI inputs)