India's forex reserves rise by $5.5 billion to $629.55 billion
Mumbai: India's foreign exchange reserves rose by $5.5 billion, reaching $629.55 billion as of the week ending January 24, 2025, according to data from the Reserve Bank of India (RBI).
This follows a trend of declining reserves over the past few weeks, with the drop attributed to revaluation and the RBI's interventions in the foreign exchange market to manage rupee volatility.
The reserves had previously peaked at a record high of $704.885 billion at the end of September 2024.
The primary contributor to the recent increase was foreign currency assets, which grew by $4.7 billion, bringing the total to $537.89 billion.
Additionally, gold reserves rose to $69.65 billion, an increase of $704 million, while Special Drawing Rights (SDRs) grew by $79 million to reach $17.86 billion.
India's holdings with the International Monetary Fund (IMF) also saw a rise of $33 million, settling at $4.1 billion.
The reserves had dropped by $1.8 billion to $623.98 billion the week prior, ending January 17, 2025.
The RBI releases data on India’s forex reserves every Friday, closely monitoring foreign trade.
It periodically intervenes in the foreign exchange market, including through dollar sales, to curb the steep depreciation of the rupee, ensuring orderly market conditions and limiting excessive volatility in the exchange rate.
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