India's Foreign Exchange Reserves Show Modest Increase to $618.937 Billion
India's foreign exchange reserves increased by $1.634 billion to reach $618.937 billion for the week ended January 12, as reported by the Reserve Bank of India (RBI) on Friday. In the previous week, the reserves had experienced a sharp decline of $5.89 billion to $617.3 billion. The country's forex reserves had reached an all-time high of $645 billion in October 2021 but faced reductions as the central bank utilized the reserves to defend the rupee against pressures caused by global developments. For the week ended January 12, foreign currency assets, a significant component of the reserves, increased by $1.859 billion to $548.508 billion. Gold reserves were down by $242 million to $47.247 billion, while Special Drawing Rights (SDRs) increased by $12 million to $18.31 billion. India's reserve position with the International Monetary Fund (IMF) also increased by $6 million to $4.872 billion during the reporting week.
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