India's Forex Reserves See Steady Rise Amid Volatility

India's foreign exchange reserves increased by USD 1.05 billion to USD 630.607 billion for the week ending January 31, 2024. This marks the second straight week of rising reserves, following recent declines due to market interventions and revaluations. Gold reserves and SDRs also saw an uptrend.

India's foreign exchange reserves rose by USD 1.05 billion, reaching USD 630.607 billion for the week ending January 31, according to the Reserve Bank of India (RBI). The increase marks a second consecutive week of growth, reversing recent declines caused by forex market interventions and currency revaluations.

The previous week had seen an even larger boost of USD 5.574 billion, bringing reserves to USD 629.557 billion. Notably, the reserves climbed to an unprecedented high of USD 704.885 billion in late September 2024.

In contrast, foreign currency assets dipped by USD 207 million to USD 537.684 billion. Gold reserves augmented by USD 1.242 billion, and Special Drawing Rights (SDRs) grew by USD 29 million. However, India's reserve position with the IMF fell by USD 14 million to USD 4.141 billion during this period, RBI data indicated.