Mumbai: India’s foreign exchange reserves rose for a second straight week. The forex reserves stood at $630.6 billion as of January 31. The reserves increased by $1.1 billion in the reported week. The Weekly Statistical Supplement released by the Reserve Bank of India (RBI) revealed this.
In the previous reporting week ended January 24, the reserves increased $5.574 billion to $629.557 billion. In the previous reporting week, the overall kitty had dropped $1.888 billion to $623.983 billion. Earlier, the overall kitty declined by $8.714 billion to $625.871 billion in the week ended January 10. The forex reserves touched a 10-month low in the week ended on January 10. The country’s forex reserves had dropped by $5.6 billion for the week ending January 3 and had settled at $634.58 billion. In the previous reporting week, the overall kitty had declined by $4.112 billion to $640.279 billion. The forex reserves fell by $4.112 billion to $640.279 billion during the week ended December 27. In the previous reporting week, the overall kitty had dropped $8.5 billion to $644.39 billion. This was the biggest weekly fall in over a month. They had declined by a total of $5.2 billion in the prior two weeks.
The forex reserves had increased to an all-time high of $704.885 billion in end-September. Foreign exchange reserves have declined by almost $80 billion since reaching an all-time high of $705 billion for the week ended September 27.
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Forex reserves, or foreign exchange reserves (FX reserves), are assets that are held by a nation’s central bank or monetary authority. It is generally held in reserve currencies, usually the US Dollar and, to a lesser degree, the Euro, Japanese Yen, and Pound Sterling.
The foreign exchange reserves of the country comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the country’s reserve position with the International Monetary Fund (IMF). FCA is the largest component of the forex reserves. It includes the effect of appreciation or depreciation of non-US currencies like the euro, pound, and yen held in the foreign exchange reserves.
For the week ended January 31, foreign currency assets, decreased by $207 million to $537.684 billion. Gold reserves increased by $1.242 billion to $70.893 billion during the week. The Special Drawing Rights were up by $29 million to $17.889 billion.
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