India's FX reserves rise to $629.56 bln, for 1st time since wk ended Nov 29
This story was originally published at 18:48 IST on 31 January 2025
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--RBI: India Jan 24 FX reserves $629.56 bln, up $5.57 bln on week
--RBI: India's FX reserves rise for first time since week ended Nov 29
NEW DELHI – India's foreign exchange reserves rose by $5.57 billion to $629.56 billion in the week ended Jan. 24, likely due to revaluation gains after a slump in the dollar, data from the Reserve Bank of India showed. Reserves gained for the first time since the week ended Nov. 29.
The dollar index, which measures the strength in the dollar against a basket of six major currencies, declined 1.8% in the reported week. 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.
The rupee appreciated 0.5% against the dollar in the week ended Jan. 24. Some market participants said the RBI likely bought the US unit at around 86.20 a dollar level to replenish its foreign exchange reserves. Foreign exchange reserves fell to a near 11-month low of $623.98 billion in the week ended Jan. 17.
Foreign currency assets rose by $4.76 billion to $537.89 billion as of Jan. 24. The portion of gold in the reserves jumped by $704 million to $69.65 billion.
Foreign exchange reserves are likely to rise in the week ended Feb. 7 as well, on the back of the central bank's $5 billion six-month dollar/rupee buy/sell swap on Friday, whose first leg of settlement will take place on Tuesday. End
US$1 = INR 86.61
Reported by Pratiksha
Edited by Akul Nishant Akhoury
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