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India’s foreign exchange reserves jumped from $10.417 billion to $572 billion on Jan. 13, making it one of the biggest weekly jumps in the jackpot in recent times.
In the previous reporting week, overall reserves fell by $1.268 billion to $561.583 billion.
In October 2021, the country’s forex pool reached an all-time high of $645 billion. Reserves fell as the central bank deploys the kitty to defend the rupiah amid pressure caused mainly by global developments.
By October 2022, reserves had swelled by $14.721 billion in one week.
For the reference week, foreign currency holdings, a major component of reserves, increased by $9.078 billion to $505.519 billion, according to the weekly statistical supplement released by the RBI on Friday.
Expressed in dollars, foreign currency holdings include the effect of the appreciation or depreciation of non-US units such as the euro, pound and yen held in foreign exchange reserves.
Gold reserves continued to rise, jumping $1.106 billion to $42.89 billion, the RBI said.
Special drawing rights (SDRs) increased by $147 million to $18.364 billion, the apex bank said.
The country’s reserve position with the IMF also rose by $86 million to $5.227 billion in the reporting week, according to data from the apex bank.