Forex reserves rise by USD 14 billion to USD 700 billion: RBI data

Mumbai: India's foreign exchange reserves jumped by USD 14.167 billion to USD 701.36 billion during the week ended January 16, the Reserve Bank said on Friday.

The overall reserves had increased by USD 392 million to USD 687.193 billion in the preceding week.

The reserves climbed to an all-time high of USD 704.89 billion in September 2024, but have been under pressure lately, especially as the currency buffers get deployed to check undue volatilities in the rupee.

During the week ended January 16, foreign currency assets, a major component of the reserves, jumped by USD 9.652 billion to USD 560.518 billion, the data released by the central bank showed.

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

Value of the gold reserves jumped by USD 4.623 billion to USD 117.454 billion during the week, the RBI said.

The Special Drawing Rights (SDRs) were down by USD 35 million to USD 18.704 billion, the apex bank said.

India's reserve position with the IMF was also down by USD 73 million to USD 4.684 billion in the reporting week, according to the apex bank's data.