Forex reserves increase $7.65 bn to $638.26 bn in week ended Feb 7

India's forex reserves jumped by USD 7.654 billion to USD 638.261 billion in the week ended February 7, the RBI said on Friday.

This is the third consecutive week of a jump in the kitty, which had increased by USD 1.05 billion to USD 630.607 billion for the week ended January 31.

The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of USD 704.885 billion at end-September 2024.

For the week ended February 7, foreign currency assets, a major component of the reserves, increased by USD 6.422 billion to USD 544.106 billion, the data released on Friday showed.

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.

Gold reserves increased by USD 1.315 billion to USD 72.208 billion during the week, RBI said.

The Special Drawing Rights (SDRs) were down by USD 11 million to USD 17.878 billion, the central bank said.

India's reserve position with the IMF was down by USD 71 million at USD 4.069 billion in the week under review, the apex bank data showed.