Forex Reserve: Foreign exchange reserves rise by $1.05 billion to $630.61 billion, figures released
New Delhi| The country’s foreign exchange reserves rose by $1.05 billion to $630.61 billion in the week ending January 31, according to Reserve Bank of India data. In the previous week, foreign exchange reserves had increased by $5.57 billion to $629.56 billion.
Foreign exchange reserves have increased for the second consecutive week. There has been a declining trend for the last few weeks. This decline is being attributed to revaluation as well as interference in the foreign exchange market by the RBI to reduce rupee fluctuations. At the end of September last year, foreign exchange reserves had risen to a high of $704.88 billion.
Foreign exchange reserves have increased for the second consecutive week. There has been a declining trend for the last few weeks. This decline is being attributed to revaluation as well as interference in the foreign exchange market by the RBI to reduce rupee fluctuations. At the end of September last year, foreign exchange reserves had risen to a high of $704.88 billion.
Foreign currency assets, the major part of foreign exchange reserves, declined by $207 million to $537.68 billion in the week ended Jan. 31, according to data released by the Reserve Bank on Friday. Foreign currency assets denominated in dollar terms include the effects of fluctuations in non-US currencies such as the euro, pound and yen held in foreign exchange reserves. The value of gold reserves increased by $1.24 billion to $70.89 billion in the week under review. Special Drawing Rights (SDRs) increased by $29 million to $17.89 billion. According to Reserve Bank data, India’s reserves with the International Monetary Fund (IMF) declined by $14 million to $4.14 billion in the week under review.
