India's Forex Reserves Reached USD 618 Billion: RBI

New Delhi, Jan 20 (KNN) India's foreign exchange reserves marked an increase of USD 1.634 billion, reaching USD 618.9 billion for the week ended January 12, as reported by the Reserve Bank of India (RBI) on Friday.

In contrast, the preceding week witnessed a decline, with overall reserves falling sharply by USD 5.89 billion to USD 617.3 billion.

Despite reaching an all-time high of USD 645 billion in October 2021, India's forex reserves faced challenges as the central bank utilised them to safeguard the rupee amid global pressures.

The latest data reveals a positive shift, with foreign currency assets, a crucial component, rising by USD 1.859 billion to USD 548.508 billion.

Expressed in dollar terms, these assets consider the impact of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

However, gold reserves experienced a decline of USD 242 million, totalling USD 47.247 billion during the reported week, according to the RBI.

The Special Drawing Rights (SDRs) witnessed an increase of USD 12 million, reaching USD 18.31 billion, as per the reports.

Furthermore, India's reserve position with the International Monetary Fund (IMF) saw a growth of USD 6 million, reaching USD 4.872 billion for the reporting week, as indicated by the RBI data.

(KNN Bureau)