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Forex Reserves Increase USD 591 Mn To USD 616.7 Bn

Gold reserves increased USD 269 million to USD 47.481 billion during the week, the RBI said.

Forex Reserves Increase USD 591 Mn To USD 616.7 Bn File Photo

New Delhi: 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 had 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. (Also Read: Markets Rebound On Firm Global Trends; Nifty Hits Lifetime Peak)

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.(Also Read: What Is Lakhpati Didi Scheme? Documents Required For Lakhpati Didi Scheme)

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.

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