India's FX reserves fall to near 11-month low of $623.98 bln as on Jan 17
This story was originally published at 19:00 IST on 24 January 2025
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NEW DELHI – India's foreign exchange reserves fell to a near 11-month low of $623.98 billion in the week ended Jan. 17, primarily due to the central bank's intervention in the domestic spot market through dollar sales.
The foreign exchange reserves fell by $1.89 billion during the week, declining for the seventh week in a row, data released by the Reserve Bank of India on Friday showed. The foreign exchange reserves have now declined by over $80 billion from the record high of $704.89 billion hit in late September.
The rupee fell below the psychologically-crucial level of 86-per-dollar and depreciated 0.8% against the US unit in the week ended Jan. 17 due to a globally strengthening dollar and foreign outflows. The central bank likely intervened in the spot market through dollar sales to prevent a further fall in the Indian currency, albeit not as aggressively as earlier.
Foreign currency assets fell by $2.88 billion to $533.13 billion as of Jan. 17. 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. However, the portion of gold in the reserves jumped by $1.06 billion to $68.95 billion.
End
US$1 = INR 86.21
Reported by Pratiksha
Edited by Saji George Titus
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