Forex reserves zoom by $10.417 billion to $572 billion

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India’s forex reserves zoomed by $10.417 billion to $572 billion as on January 13, making it one of the biggest weekly jumps in the kitty in recent times.

In the previous reporting week, the overall reserves had dropped by $1.268 billion to $561.583 billion.

In October 2021, the country’s forex kitty reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

In October 2022, the reserves had swelled by $14.721 billion during a week.

For the reporting week, the foreign currency assets, a major component of the reserves, increased by $9.078 billion to $505.519 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

The gold reserves continued to rise, jumping by $1.106 billion to $42.89 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $147 million to $18.364 billion, the apex bank said.

The country’s reserve position with the IMF was also up by $86 million to $5.227 billion in the reporting week, the apex bank data showed.