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India’s foreign exchange reserves increased by $1.727 billion to $573.727 billion in the week ended January 20, the Reserve Bank of India said on January 27, 2023.
This is the second consecutive week in the kitty after a jump of $572 billion from $10.417 billion during the previous week.
In October 2021, the country’s forex kitty was set to reach 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.
During the week under review, foreign currency assets, a major component of reserves, increased by $839 million to $506.358 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.
RBI said that the gold reserves are increasing continuously, which has increased by $ 821 million to $ 43.712 billion.
The apex bank said special drawing rights (SDRs) rose by $68 million to $18.432 billion.
Data from the apex bank showed that the country’s reserve position with the IMF had declined by $1 million to $5.226 billion in the week under review.