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India’s foreign exchange reserves rose by $10.417 billion to $572 billion on January 13, making it one of the biggest weekly jumps in recent times.
The total reserves had decreased by $ 1.268 billion to $ 561.583 billion in the previous week under review.
In October 2021, the country’s forex kitty reached an all-time high of $645 billion. Reserves are declining as the central bank deploys kitty to protect the rupee amid pressure mainly due to global growth.
In October 2022, the reserves were increased by $14.721 billion during one week.
For the week under review, foreign currency assets, a major component of reserves, rose by $9.078 billion to $505.519 billion, according to the weekly statistical supplement released by the RBI on Friday.
Expressed in dollar terms, foreign currency assets include the effect of appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
The RBI said gold reserves continued to rise, rising by $1.106 billion to $42.89 billion.
The apex bank said special drawing rights (SDRs) increased by $147 million to $18.364 billion.
The country’s reserve position with the IMF also increased by $86 million to $5.227 billion in the week under review, data from the apex bank showed.