India’s Forex Reserves Rise by $1.05 Billion to $630.607 Billion

India's foreign exchange reserves increased by $1.05 billion to reach $630.607 billion for the week ending January 31, as per the latest data from the Reserve Bank of India (RBI). This marks the second consecutive week of growth, following a $5.574 billion rise in the previous week, bringing the total to $629.557 billion.

While the reserves have generally been on a declining trend recently due to revaluation and RBI's interventions in the forex market to curb rupee volatility, the current increase signals a positive shift.

Foreign currency assets, a major component of the reserves, decreased by $207 million to $537.684 billion. These assets account for the effect of currency fluctuations, including those of the euro, pound, and yen.

Gold reserves rose by $1.242 billion to $70.893 billion, and Special Drawing Rights (SDRs) increased by $29 million to $17.889 billion during the same week. India’s reserve position with the International Monetary Fund (IMF) decreased by $14 million to $4.141 billion.

India's forex reserves had hit a record high of $704.885 billion at the end of September 2024.

Also Read: Employability of Indian Graduates Rises to 54.81% in 2024, Says Mandaviya at BIMSTEC Youth Summit