India's forex reserves surge by $10.417 billion after dipping last week

Reserves were bogged down as the Reserve Bank of India had to use up foreign assets for strengthening the Rupee.

FPJ Web DeskUpdated: Friday, January 20, 2023, 07:48 PM IST
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After dipping in the week that ended on January 6, 2023, India's foreign exchange reserves, which represent foreign currency and other assets in the country's possession, have surged by $10.417 billion. After being bogged down as the Reserve Bank of India had to use up forex reserves for strengthening the Rupee, they hit $572 billion by January 13.

The amount of foreign currency assets in the reserves went up by $9.078 billion due to the appreciation and depreciation of non-dollar currencies such as the euro, pound and yen.

As India remains the world's second largest gold importer, the yellow metal continued to shine in the reserves with a $1.106 billion spike, while Special Drawing Rights (SDRs) surged by $147 million.

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