India’s forex reserves reached $622.469 billion, showing a notable increase. The reserves, which hit a peak of $645 billion in October 2021, saw a decline due to central bank interventions. Foreign currency assets rose to $55.331 billion, gold reserves increased to $48.088 billion, while SDRs fell to $18.19 billion, and the IMF reserve position remained at $4.86 billion (India’s Forex Reserves Skyrocket).
India’s foreign exchange reserves experienced a notable increase of $5.736 billion, reaching a total of $622.469 billion for the week ending February 2, according to the announcement by the Reserve Bank on Friday. In the preceding week, the overall reserves had grown by USD 591 million, totaling USD 616.733 billion.
The nation’s foreign exchange reserves hit an all-time high of USD 645 billion in October 2021 (India’s Forex Reserves Skyrocket). However, these reserves underwent a decline as the central bank utilized them to defend the rupee, responding to pressures primarily arising from global developments since the previous year.
For the week ending February 2, foreign currency assets, a major component of the reserves, increased by USD 5.186 billion, reaching a total of USD 55.331 billion, as indicated by RBI data.
In terms of dollars, these foreign currency assets consider the impact of appreciation or depreciation of non-US units, including the euro, pound, and yen, held in the foreign exchange reserves.
The Reserve Bank of India reported that gold reserves saw a rise of USD 608 million, reaching USD 48.088 billion for the week (India’s Forex Reserves Skyrocket). Simultaneously, Special Drawing Rights (SDRs) witnessed a decrease of USD 58 million, settling at USD 18.19 billion, as confirmed by the central bank.
India’s reserve position with the International Monetary Fund (IMF) remained unchanged at USD 4.86 billion during the week.
