Reserves of foreign exchange increase by $1.63 billion to $618.9 billion

For the week ending January 12, India’s foreign exchange reserves increased by USD 1.634 billion to USD 618.937 billion, the Reserve Bank of India (RBI) reported on Friday. The total reserves have dropped to USD 617.3 billion from USD 5.89 billion during the previous reporting week.

In October 2021, the nation’s forex reserves hit an all-time high of USD 645 billion. The reserves suffered as the central bank tapped the kitty to protect the rupee against pressure brought on mostly by events that have occurred globally since last year.

A significant portion of the reserves, the foreign currency assets, rose by USD 1.859 billion to USD 548.508 billion for the week ending January 12, according to the data. Depreciation or appreciation of non-US currencies such as the euro, pound, and yen held in foreign exchange reserves is included in the foreign currency assets, which are expressed in terms of dollars.

The RBI reported that throughout the week, gold reserves decreased by USD 242 million to USD 47.247 billion. According to the apex bank, the Special Drawing Rights (SDRs) increased by USD 12 million to USD 18.31 billion. The RBI statistics also showed that during the reporting week, India’s reserve position with the IMF increased by USD 6 million to USD 4.872 billion.

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