India's forex kitty jumps $3.03 bn to $576.76 bn

India's forex reserves increased by $3.034 billion to $576.76 billion as of January 27, making it the third consecutive week of a jump in the kitty.

The overall reserves had risen by $1.727 billion to $573.727 billion in the previous reporting week.

It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.

The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

For the week ended January 27, the foreign currency assets, a major component of the reserves, increased by $2.66 billion to $509.018 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

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.

The gold reserves continued to rise, increasing by $316 million to $44.027 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by $46 million to $18.478 billion, the apex bank said.

The country's reserve position with the IMF was up by $11 million to $5.238 billion in the reporting week, the apex bank data showed.