Forex reserves up by $2.23 bn to $634.96 bn

The country's foreign exchange reserves grew by $2.23 billion to $634.96 billion in the week ended January 14, RBI data showed.

In the previous week ended January 7, the reserves had declined by $878 million to $632.74 billion.

It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.

During the reporting week ended January 14, the jump in the foreign exchange reserves was on account of a rise in the foreign currency assets (FCAs), a major component of the overall reserves, and the gold reserves, Reserve Bank of India's (RBI) weekly data released on Friday showed.

FCA increased by $1.34 billion to $570.74 billion in the reporting week, the data 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 rose by $726 million to $39.77 billion in the reporting week, the data showed.

The special drawing rights (SDRs) with the International Monetary Fund (IMF) increased by $123 million to $19.22 billion, the RBI said.

The country's reserve position with the IMF also rose by $36 million to $5.24 billion in the reporting week, the data showed.

Photograph: Reuters