24, February, 2024
HomeBusinessIndia's Forex Reserves Surge by $1.63 Billion, Reaching $618.9 Billion

India’s Forex Reserves Surge by $1.63 Billion, Reaching $618.9 Billion

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India’s foreign exchange reserves witnessed a significant increase of $1.634 billion to reach $618.937 billion for the week ending January 12, as per the latest data from the Reserve Bank of India (RBI). This follows a notable decline of $5.89 billion in the previous reporting week, bringing the overall reserves to $617.3 billion.

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The foreign currency assets, a key component of the reserves, experienced a boost of $1.859 billion, reaching $548.508 billion during the week ended January 12. This category encompasses the value of non-US currencies, factoring in their appreciation or depreciation against the dollar.

While gold reserves saw a decrease of $242 million, amounting to $47.247 billion, the special drawing rights (SDRs) increased by $12 million to reach $18.31 billion in the same period, according to the RBI. Additionally, India’s reserve position with the International Monetary Fund (IMF) grew by $6 million, reaching $4.872 billion during the reporting week.

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It’s noteworthy that India’s forex reserves had reached an unprecedented high of $645 billion in October 2021 but experienced a decline due to the central bank’s efforts to stabilize the rupee amidst global economic challenges.

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