India’s foreign exchange reserves rise to $576 bn in January

India’s foreign reserves rise for the third straight week

India’s foreign exchange reserves rose to $576.76 billion during the week ending January 27, according to data released by the Reserve Bank of India (RBI) on Friday.

This is the third consecutive week that the country’s reserves have risen. During the week ending January 20, the foreign exchange reserves had risen by USD 1.727 billion to $573.73 billion.

The central bank has been intervening to buy dollars to stabilize the rupee. Apart from this, the valuation changes have also added to the RBI’s foreign exchange reserves.

According to the Weekly Statistical Supplement released by the RBI, for the week ending January 27, the foreign currency assets, a major component of the reserves, increased by USD 2.66 billion to USD 509.018 billion.

The gold reserves continued to rise, increasing by USD 316 million to USD 44.027 billion. The Special Drawing Rights (SDRs) were up by USD 46 million to USD 18.478 billion. India’s reserve position with the IMF was up by USD 11 million to USD 5.238 billion in the reporting week, the RBI stated.

It can be noted that in October 2021, the country’s forex reserve reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the reserves to defend the rupee amid pressures caused majorly by global developments.

[With Inputs from IANS]

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