Forex kitty swells by $591 mn to $616.7 bn

Mumbai: 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 $2.795 billion to $616.143 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.