India’s foreign exchange reserves increased by 1.05 billion dollars to over 630.6 billion dollars in the week ending January 31, according to the latest data released by the Reserve Bank of India (RBI). This is the second consecutive week of rise in the reserves. In the previous week, the country’s forex reserves had increased by 5.57 billion dollars and had settled at 629.55 billion dollars.
For the week ended January 31, foreign currency assets, a major component of the reserves, decreased by 207 million dollars to over 537.68 billion dollars. Meanwhile, gold reserves were up by over 1.2 billion dollars, totalling over 70.89 billion dollars.