India's forex reserves rise $1.05 bn to $630.607 bn, shows RBI data

This is second consecutive week of an increase in the reserves, which have otherwise been on a declining trend for the last few weeks due to revaluation along with forex market interventions by RBI

India's forex reserves rose $1.05 billion to $630.607 billion for the week ended January 31, the RBI said on Friday.

In the previous reporting week, the overall reserves had increased by $5.574 billion to $629.557 billion.

This is the second consecutive week of an increase in the reserves, which have otherwise been on a declining trend for the last few weeks 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 $704.885 billion in end-September 2024.

For the week ended January 31, foreign currency assets, a major component of the reserves, decreased by $207 million to $537.684 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 $1.242 billion to $70.893 billion during the week, the Reserve Bank of India said.

The Special Drawing Rights (SDRs) were up by $29 million to $17.889 billion, the apex bank said.

India's reserve position with the IMF was down by $14 million at $4.141 billion in the reporting week, the apex bank data showed.