More Stories

Informist, Friday, Jan. 10, 2025

NEW DELHI – India's foreign exchange reserves fell to an over 11-month low of $634.59 billion in the week ended Jan. 3, primarily due to the central bank's active intervention in the domestic spot market through dollar sales and revaluation losses. 

The foreign exchange reserves fell by $5.69 billion during the week, declining for the fifth time in a row, data released by the Reserve Bank of India on Friday showed. The foreign exchange reserves have now declined by over $70 billion from the record high of $704.89 billion hit in late September. 

The rupee fell 0.3% against the US unit in the week ended Jan. 3 due to a globally strengthening dollar. The central bank likely intervened actively in the spot market through dollar sales to prevent a further fall in the Indian currency.

The reserves also declined due to revaluation losses after a jump in the US dollar during the period. The dollar index strengthened 0.8% in the week ended Jan 3. Calculated in dollar terms, the foreign currency reserves also reflect the impact of appreciation or depreciation of non-US units like the euro, the pound sterling, and the yen held in the reserves. 

Foreign currency assets fell by $6.44 billion to $545.48 billion as of Jan. 3. However, the portion of gold in the reserves jumped by $824 million to $67.09 billion.  End

US$1 = INR 85.97

Reported by Pratiksha

Edited by Saji George Titus

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.