Forex Reserves Rise $7.654 Bn To $638.261 Bn

Mumbai: India’s forex reserves jumped by $7.654 billion to $638.261 billion in the week ended February 7, RBI said on Friday. This is the third consecutive week of a jump in the kitty, which had increased by $1.05 billion to $630.607 billion for the week ended January 31. The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of $704.885 billion at end-September 2024.

For the week ended February 7, foreign currency assets, a major component of the reserves, increased by $6.422 billion to $544.106 billion, the data released on Friday showed. 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 by $1.315 billion to $72.208 billion during the week, RBI said.