Forex Reserves Rise by 14 Billion USD to 700 Billion USD, Says RBI Data

The forex reserves have seen a significant rise. According to the Reserve Bank, India’s foreign exchange holdings increased by 14.167 billion USD to 701.360 billion USD throughout the week ending January 16.

Prior to this week, the total reserves had increased by 392 million USD to 687.193 billion USD. In September 2024, the reserves reached an all-time high of 704.89 billion USD, but they have been under strain recently, particularly as currency buffers have been used to regulate excessive fluctuations in the rupee, as reported by PTI.

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The value of foreign currency holdings in dollar terms reflects the effects of the appreciation or depreciation of non-US currencies like the euro, pound and yen. The RBI reported that the value of the gold reserves increased by 4.623 billion USD throughout the week, reaching 117.454 billion USD.

According to the apex bank, the Special Drawing Rights (SDRs) decreased by 35 million USD to 18.704 billion USD. The data released by the top bank also revealed that India’s reserve position with the IMF fell by 73 million USD to 4.684 billion USD during the week under consideration.