New Delhi: The Reserve Bank of India (RBI) reported on Friday that India’s foreign exchange reserves experienced a notable increase, rising by $591 million to a total of $616.733 billion for the week ending January 26.
In the preceding reporting week, the total reserves had witnessed a decline of $2.795 billion, reaching $616.143 billion. It’s noteworthy that India’s foreign exchange had achieved a historic peak of USD 645 billion in October 2021. The central bank has actively utilized these reserves since last year to safeguard the rupee amidst various global economic challenges.
As per the data, foreign exchange assets, a significant component of the reserves, demonstrated a positive trend by increasing $289 million to $546.144 billion in the week ending January 26.
In dollar terms, foreign currency assets encompass the appreciation or depreciation effects of non-US units, including the euro, pound, and yen, held in foreign currency reserves.
Additionally, gold reserves saw a boost, increasing by $269 million to reach $47.481 billion during the week, as confirmed by the Reserve Bank. Special Drawing Rights (SDRs) also registered an increase, rising by $27 million to $18.248 billion, according to the apex bank.
Furthermore, India’s reserve position with the International Monetary Fund (IMF) experienced a modest uptick of $6 million, reaching $4.86 billion during the reporting week, as per the data released by the Reserve Bank.
