MUMBAI: India’s foreign exchange reserves, which had seen a seven-week winning streak, stood at $617.30 billion as of Jan. 5, easing from near 22-month highs, data from the central bank showed on Friday.
The reserves witnessed the steepest decline in nearly five months, falling $5.9 billion for the reported week, following a cumulative increase of $32.9 billion in the preceding seven weeks.
The Reserve Bank of India (RBI) intervenes in the foreign exchange market to curb excess volatility in the rupee.
Changes in foreign currency assets include the impact of the RBI’s intervention as well as the appreciation or depreciation of foreign assets held in the reserves.
India’s forex reserves rise for seventh week, hit near 22-month high
Foreign exchange reserves also include India’s reserve tranche position in the International Monetary Fund.
For the reported week, the rupee traded in a narrow range of 83.12-83.3475 against the dollar, and logged marginal weekly gains.
The domestic currency settled at 82.9225 on Friday, after climbing to a near four-month high in the session, and gained 0.3% for this week.
FOREIGN EXCHANGE RESERVES (in million U.S. dollars)
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Jan 05 Dec 29
2024 2023
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Foreign currency assets 546,650 551,615
Gold 47,489 48,328
SDRs 18,298 18,365
Reserve Tranche Position 4,866 4,892
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Total 617,303 623,200
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