The reserves have been on a declining trend for the past several weeks due to revaluation along with forex market interventions by RBI to help reduce volatility in the rupee.
The Reserve Bank of India (RBI) on Friday said that India’s forex reserve jumped by USD 4.758 billion to USD 640.479 billion in the week ended February 21.
In the previous reporting week, the overall reserves had dropped by USD 2.54 billion to USD 635.721 billion.
The reserves have been on a declining trend for the past several weeks due to revaluation along with forex market interventions by RBI to help reduce volatility in the rupee.
The forex kitty had increased to an all-time high of USD 704.885 billion in end-September 2024.
For the week ended February 21, foreign currency assets, a major component of the reserves, increased by USD 4.251 billion to USD 543.843 billion, the latest data 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 USD 426 million to USD 74.576 billion during the reporting week, the RBI said.
The Special Drawing Rights (SDRs) were up by USD 73 million to USD 17.971 billion, the central bank said.
India’s reserve position with the IMF was up by USD 7 million at USD 4.09 billion in the reporting week, the apex bank data showed.
