India’s forex reserves rise USD 1.05 bln to USD 630.607 bln

Mumbai, Feb 7 (PTI) India’s forex reserves rose USD 1.05 billion to USD 630.607 billion for the week ended January 31, the RBI said on Friday.

In the previous reporting week, the overall reserves had increased by USD 5.574 billion to USD 629.557 billion.

This is the second consecutive week of an increase in the reserves, which have otherwise been on a declining trend for the last few weeks due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee.

The forex reserves had increased to an all-time high of USD 704.885 billion in end-September 2024.

For the week ended January 31, foreign currency assets, a major component of the reserves, decreased by USD 207 million to USD 537.684 billion, the data released on Friday showed.

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.

Gold reserves increased by USD 1.242 billion to USD 70.893 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up by USD 29 million to USD 17.889 billion, the apex bank said.

India’s reserve position with the IMF was down by USD 14 million at USD 4.141 billion in the reporting week, the apex bank data showed.