India’s forex stocks rise $7.654 bn to $638.261 bn

Mumbai: India’s forex reserves jumped by $7.654 billion to $638.261 billion in the week ended February 7, the RBI said on Friday.

This is the third consecutive week of a jump in the kitty, which had increased by $1.05 billion to $630.607 billion for the week ended January 31.

The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of $704.885 billion at end-September 2024.

For the week ended February 7, foreign currency assets, a major component of the reserves, increased by $6.422 billion to $544.106 billion, the data released on Friday showed.

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

Gold reserves increased by $1.315 billion to $72.208 billion during the week, RBI said.

The Special Drawing Rights (SDRs) were down by $11 million to $17.878 billion, the central bank said.

India’s reserve position with the IMF was down by $71 million at $4.069 billion in the week under review, the apex bank data showed.