India's forex kitty spikes $7 billion, surpasses $638 billion

NEW DELHI: India’s foreign exchange reserve recorded a major boost, rising $7.654 billion to reach $638.261 billion in the week ending February 7, Reserve Bank of India (RBI) reported on Friday.
This rise marks the third consecutive weekly increase, following a $1.05 billion rise in the previous week, when reserves stood at $630.607 billion on January 31.
The surge comes after a period of decline, driven by revaluation adjustments and RBI’s market interventions to stabilise rupee.
India’s forex reserves had previously hit a record high of $704.885 billion at the end of September 2024.
According to RBI data, foreign currency assets, the largest component of forex reserves, climbed by $6.422 billion to $544.106 billion.
These assets, expressed in US dollar terms, reflect the valuation impact of currencies such as the euro, pound, and yen.
Gold reserves also saw a notable increase, rising by $1.315 billion to $72.208 billion.
Meanwhile, Special Drawing Rights (SDRs), dipped by $11 million to $17.878 billion.
The apex bank data further showed that India’s reserve position with the International Monetary Fund (IMF) fell by $71 million to $4.069 billion over the corresponding week.