Forex reserves up $591 mn to $616.7 bn

India's forex reserves increased $591 million to $616.733 billion for the week ended January 26, the Reserve Bank of India (RBI) said on Friday.

In the previous reporting week, the overall reserves had dropped $2.79 billion to $616.14 billion.

The country's forex kitty had reached an all-time high of $645 billion in October 2021.

The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year.

For the week ended January 26, the foreign currency assets, a major component of the reserves, increased $289 million to $546.14 billion, the data said.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound, and yen held in the foreign exchange reserves.

Gold reserves increased $269 million to $47.48 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were up $27 million to $18.25 billion, the apex bank said.

India's reserve position with the IMF was up $6 million to $4.86 billion in the reporting week, the RBI's data showed.