India’s forex reserves increased by USD 3.034 billion to USD 576.76 billion as of January 27, making it the third consecutive week of a jump in the kitty. The overall reserves had risen by USD 1.727 billion to USD 573.727 billion in the previous reporting week.

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It can be noted that in October 2021, the country’s forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.

For the week ended January 27, the foreign currency assets, a major component of the reserves, increased by USD 2.66 billion to USD 509.018 billion, according to the Weekly Statistical Supplement released by the RBI on Friday.

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.

The gold reserves continued to rise, increasing by USD 316 million to USD 44.027 billion, the RBI said.

The Special Drawing Rights (SDRs) were up by USD 46 million to USD 18.478 billion, the apex bank said.

The country’s reserve position with the IMF was up by USD 11 million to USD 5.238 billion in the reporting week, the apex bank data showed.

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