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India’s forex reserves jump $1.63 bn to $618.9 bn, shows RBI data

January 20, 2024
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Mumbai - India’s forex reserves jumped USD 1.634 billion to USD 618.937 billion for the week ended January 12, the Reserve Bank of India (RBI) said. In the previous reporting week, the overall reserves had declined sharply by USD 5.89 billion to USD 617.3 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.

For the week ended January 12, the foreign currency assets — a major component of the reserves — increased USD 1.859 billion to USD 548.508 billion, the data said.

India’s reserve position with the IMF increased USD 6 million to USD 4.872 billion in the reporting week, the RBI data added.

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